Bitcoin Price Technical Analysis for 31/1/2015 - Downtrend Still In Action

Bitcoin Price Technical Analysis for 31/1/2015 - Downtrend Still In Action

Bitcoin price continued falling yesterday proving how the bears are now taking over the market. With a continuation of the downtrend, $200 support level is not far away. Bitcoin price fell yesterday from around $232 to $217 at the time of writing of this article. The $230 level acted yesterday as a resistance level that resisted the attempt at revering the bearish trend. By studying the 1 hour Bitfinex (BTC/USD) chart from tradingview.com (look at the below chart), we can observe that bitcoin price has been between the 50% and 62% levels as per the Fibonacci retracements we plotted on the....


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