Bitcoin Price Technical Analysis for 16/1/2015

Bitcoin Price Technical Analysis for 16/1/2015

The price of Bitcoin started moving sideways today, after yesterday's rise, but the buying trading volume is keeping the price well above the $200 resistance point throughout the day. By drawing the Fibonacci retracement fan along a trend line that extends from the high recorded in November 2013 and the low recorded earlier this month (look at the below chart), we can easily identify resistance and support points at this stage. By observing the 1 hour (BTC/USD) chart from Bitfinex on tradingview.com and extending the Fibonacci fans from the 1 daily chart (look at the below chart), we can....


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