Bitcoin Price Technical Analysis for 23/2/2015 – Steep Dive

Bitcoin price exhibited a deep dive yesterday to reach a low of around $232 to fall just below the new trend line that we spotted during yesterday’s analysis.

By studying the 1 hour Bitfinex (BTC/USD) charts from tradingview.com, plotting the 20 hour EMA and extending the trend lines we plotted on the 4 hour charts during yesterday’s analysis (look at the below chart), we can conclude the following:

By studying the 1 day Bitfinex (BTC/USD) chart from tradingview.com, plotting the 20 day EMA and calculating the MACD indicator accordingly (look at the below chart), we can notice that despite yesterday’s decline, bitcoin price is now above the 20 day EMA. The MACD blue line has crossed above the red signal line; however, the value of the MACD indicator is in the negative territory. If the value of MACD enters the positive territory and the blue MACD line remains above the red signal line during the next few hours, we can see bitcoin price rise again.

Conclusion:

Bitcoin price suffered a steep decline yesterday to score a low of $232 to drop just below the new trend line. If the price rises up above the $238 within the next few hours, we can see it heading up to the $256 resistance level again.

 

Charts from bitfinex

Exit mobile version