13 Oct '15, 4am

Bitcoin Price Technical Analysis for 13/10/2015 – Retreats From Monthly Highs Analysis

Bitcoin Price Technical Analysis for 13/10/2015 – Retreats From Monthly Highs Analysis

Bitcoin has retreated from its monthly highs as market participants rush to book profits in their long positions amid fears that the cryptocurrency may have been overbought . Bitcoin is currently trading at $244.12, down 1.38 percent and closer to the crucial upward sloping support line. Image: https://www.tradingview.com/x/jqjwja0N/ Just yesterday, we discussed how Bitcoin started the week on a strong note, and flash forward 24 hours, the bulls have frittered away the advantage. The uptrend is still intact, but the momentum and strength readings have clearly been hit. Bitcoin Chart Structure – As Bitcoin struggles to limit its losses, the bears have pushed the price below the 200-day SMA of $245.4708. The upper range of the BB, as was put in the previous Bitcoin price analysis , has acted as the resistance. The violation of $240 will be the first strong signal of a trend ...

Full article: http://www.newsbtc.com/2015/10/13/bitcoin-price-technical...

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