31 May '15, 7am

Bitcoin Weekly Analysis – Further Losses Seem Likely Analysis

Bitcoin Weekly Analysis – Further Losses Seem Likely Analysis

Bitcoin price after peaking around 240.00 failed and traded lower and even crashed below 235.00 to set up for a move towards 230.00. There was an important bullish trend line on the 4-hours chart of Bitcoin, which was breached. It traded as low as 231.04, and might trade near 230.00 in the short term. The Bollinger Bands were also widened suggesting that there is a lot of bearish pressure on Bitcoin. The 4H RSI spiked below the 50 level and tested the 30 level before moving back higher, pointing that a correction is possible if all goes well in the near term. However, the upside might be limited considering the fact that sellers are still in control.

Full article: http://www.newsbtc.com/2015/05/31/bitcoin-weekly-analysis...

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