The Bitcoin Price Bounces Back to $900 Following Last Week’s Carnage
Since our previous update, the market has moved down to a low of $750, stalled out in the low $800’s for awhile, then recently took out the $900 level once again. Regardless of whether there is a continuation to the upside unless there is a break of the ATH the market will be in a large consolidation range. This week has brought a fairly nice run to the upside following a rocky start to the year, although at this point it’s hard to call this anything more than a short-term countertrend bounce. Not to say that another leg to the upside is out of the question but even if we get an additional....
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Bitcoin continued to decline from the $240s earlier this week, hitting a floor at around $220. The price is currently retesting new levels between $220 and $230, but that seems to be a losing battle with the price still trending downwards. Volume has also been quite low this week, reaching slightly over $15 million for today’s 24 hour trading volume. This is a continuation of last week’s trading patterns. Devaluation was only slight this week, with only a 5.7% decrease in price over the last seven days. If current patterns continue with sideways movement followed by decreasing price, we....
Bitcoin price has returned to $450 after retesting this week’s low. Local support is holding and the market has, so far, avoided additional lows. Price fell back to Tuesday’s lows, overnight, but snapped back to the vicinity of $450 during today’s trade. Despite the rejection from upside resistance, price remains in an upward trajectory, as illustrated by the rising channel lines annotated in grey. Since the late-April low, the price chart has printed a series of higher lows. The potential decline targets described in this week’s previous analysis posts, will only become applicable if....
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