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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin Price Analysis 30/1/2015 – Hold, Hold, Hold,…….

newsbtc
newsbtc
10 years ago
2 mins read

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We spotted yesterday what seemed to be an attempt at reversing  the current bearish trend, as bitcoin price was well supported at the $220-$230 level; however, the attempted reversal was resisted shortly and the price began to fall again after reaching a high of around $243.

By drawing a trend line between the low reached on the 14th of January ($165.82) and the high reached on the 26th of January ($315) on the 1 hour Bitfinex (BTC/USD) charts from tradingview.com, and then plotting the Fibonacci retracements accordingly (look at the below chart), we can see how the downtrend that had started on the 26th of January seemed to have been halted as the price touched the 61.8% retracement level at $220-$230. Afterwards, the price started rising until it exceeded $240 at the 50% retracement level (red circle on the below chart), which resisted further increase.

bitcoin chart, bitcoin price

By plotting the Fibonacci retracement fan on the 1 day Bitfinex (BTC/USD) charts between the high reached on the 13th of November, 2014 ($473.13) and the low reached on the 14th of January, 2015 ($165.82) (look at the below chart), we can see that the price is currently touching the 61.8% Fibonacci retracement fan line. Accordingly, the current price shows much support as illustrated by Fibonacci retracements across 2 trend lines:

  • The bullish trend line between $165.82 and $315
  • The bearish trend line between $473.13 and $165.82

bitcoin chart, bitcoin price

Conclusion:

By combining conclusions from our analysis with data concluded from market depth charts from Bitfinex and Cryptsy, it seems that bitcoin price is not likely to fall below $220 now, as entailed by big exchanges’ order books at the moment.

It’s one of those times when the strength of bitcoin is highly determined by its true believers who will continue to hold on to their currency no matter what, as the market continues filtering out speculators and seasonal traders.

 

Charts from Bitfinex

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Comments 4

  1. Farleezee says:
    10 years ago

    Be a professional and keep ur opinions to “hold hold hold” out of ur title… Smh

    Reply
  2. xboxsold says:
    10 years ago

    Wont drop below 220.. Really its 214 and still dropping.. You charts look fancy.. Very nice..

    Reply
  3. market maker says:
    10 years ago

    so many novice traders jumping on the TA bandwagon because there were made to feel like experts when the bought the exuberance and road the irrational parabola. Clearly not wanting to get off, they turn to TA for any sign that the market will pull the same stunt again so they can bail at the top this time. Not gonna happen. The long term trend analysis hasn’t change since the parabolic break out way back in nov 2013. Returning sanity to the market is not a signal of a reversal to insanity. Learn to trade the long term trends before trying to pick apart hourly charts please.

    Reply
  4. katemilletpiketty says:
    10 years ago

    Sell, Sell, Sell…Dead. Cat. Bounce.

    -K

    Reply

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Comments 4

  1. Farleezee says:
    10 years ago

    Be a professional and keep ur opinions to “hold hold hold” out of ur title… Smh

    Reply
  2. xboxsold says:
    10 years ago

    Wont drop below 220.. Really its 214 and still dropping.. You charts look fancy.. Very nice..

    Reply
  3. market maker says:
    10 years ago

    so many novice traders jumping on the TA bandwagon because there were made to feel like experts when the bought the exuberance and road the irrational parabola. Clearly not wanting to get off, they turn to TA for any sign that the market will pull the same stunt again so they can bail at the top this time. Not gonna happen. The long term trend analysis hasn’t change since the parabolic break out way back in nov 2013. Returning sanity to the market is not a signal of a reversal to insanity. Learn to trade the long term trends before trying to pick apart hourly charts please.

    Reply
  4. katemilletpiketty says:
    10 years ago

    Sell, Sell, Sell…Dead. Cat. Bounce.

    -K

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
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