Bitcoin Price Technical Analysis for 13/2/2015 – Bullish Sprint

Bitcoin price increased today, just as our analysis from yesterday predicted, reaching a high of $242.54; so, we are expecting a continuation of this bullish wave to take the price up to $300 during the next few days.

By looking at the 1 day Bitfinex (BTC/USD) charts from tradingview.com and drawing a trend line between the high reached on the 13th  of November, 2014 ($472.49) and the low reached on the 14th of January, 2015 ($167.05) and plotting the Fibonacci retracement fan accordingly, we can notice how today’s trading pulled the price up to $242.54. The new bullish wave will likely take the price up to test the 50% Fibonacci retracement fan level at around $244. In my opinion, if the bullish wave manages to raise the price above $256, we will be soon seeing the $300 level tested.

By studying the 4 hour Bitfinex (BTC/USD) chart from tradingview.com and plotting William’s Alligator indiactor and Vortex Indicator, we can spot a few signs confirming strength of today’s bullish wave:

Conclusion:

Bitcoin price is rising away from $220 support scoring a high of $242.54 today. Technical analysis is in favor of the current buying strength of the market which will probably take the price up to $300 during the upcoming few days.

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