26 May '15, 7pm

Bitcoin Price Bounces From Support

Bitcoin Price Bounces From Support

Bitcoin price seems to be advancing from a bounce off of support near $235 and 1470 CNY – the level of the 1-hour chart’s 200-period moving average. The advancing wave appears to have five subwaves and covered a good chart distance in a short period – both signs of a reversal into advance. However, let’s remain on the look-out for surprise reversal – if another declining wave follows it may target the $230 support & resistance level. If advance is indeed unfolding then, the first target should be $242. What price does at this important resistance level could mean the difference between narrowing consolidation or strong advance higher up into the chart.

Full article: https://www.cryptocoinsnews.com/bitcoin-price-bounces-sup...

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