Bitcoin Price Analysis: Is Volume Preceding Price?

Bitcoin Price Analysis: Is Volume Preceding Price?

Price as of writing is US$249.90. Last week it was stated: The Price has not only broken through the 50 day EMA, but has now moved above the 100 day EMA as well. A test of the 200 day at ~US$256 should occur. However, a lot of energy has been spent and the RSI is getting near an oversold level. It’s looking more like it will reject a move above the key US$255-$260 level, at least initially. Below is a daily chart of the bitcoin price. “As the above chart shows, the price has broke above the 50 day EMA, which could set up for a move to test big resistance in the US$255-$260 range.”

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If you look back in history in terms of financial bubbles, they always end. It's going to be a very rough ride for guys that invest in Bitcoin for speculative purposes.

Alistair Cotton, Senior analyst with Currencies Direct