Bitcoin Price Nears $550
Bitcoin price achieved a new high at $540 (Bitstamp) and 4000 CNY. The $550 resistance level remains untouched and should still be on the cards if the market can maintain momentum. Bitcoin price sold off rapidly from $540 in the Bitstamp chart and now looks to be either gearing up for the push to $550 resistance – or – for a correction lower. Corrective bitcoin price patterns are often ambiguous – looking similar whether they precede advance or decline – and it may be that the current drooping price pattern is a base for advance to $550. Let’s consider the technical indications. The....
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