13 Apr '15, 4pm

Bitcoin Price Analysis: Week of April 12 #bitcoin

Bitcoin Price Analysis: Week of April 12 #bitcoin

For timely updates on price updates follow me @sammantic Bitcoin price has continued experiencing downside pressure and as of this writing the price looks headed for a retest of the 200 area. Last week’s recap: “If US$240 doesn’t hold, the US$220 area could provide minor support, but U$200 would more likely be an area to watch for bigger support. If it fails to hold, a retest of the lows (US$165-180) will certainly be the next area to watch […].” Needless to say, US$240 broke. Let’s look at the 3 trends for clues as to what lies ahead. Long-Term The 1 year chart (long term) of bitcoin remains bearish. Price continues to decline. The price remains below all 3 of its Exponential Moving Averages (EMAs). The 50 day EMA will continue be a major resistance area and right now that is approximately at US$255. All 3 indicators are confirming the downward move in price. The RSI and ...

Full article: http://cointelegraph.com/news/113947/bitcoin-price-analys...

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