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Thread: Bitcoin Analysis

  1. #346
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    BTC/USD

    From last week’s high at $7860 made on Friday measured to the lowest point the price has been yesterday at $7257.7 we have seen a decrease of 7.67%. The price is currently being traded at $7311.9 slightly higher then yesterday but is mostly hovering around the same horizontal range.

    This could be interpreted as a consolidation range especially after a minor retracement especially considering that the price volatility has diminished.



    Looking at the hourly chart, you can see that the price bounced from the 1.272 Fibonacci level like expected and started increasing impulsively to the upside in a five-wave manner coming to retest the descending trendline which is the resistance level out of the descending channel from Jun. As the price found resistance there a retracement occurred below the prior low at $7442 but above the interrupted ascending trendline from the baseline support dating from February which is a good sign.

    Read more on FXOpen blog...

  2. #347
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    BTC/USD

    From yesterday’s high at $7592 the price of Bitcoin has decreased by 3.55% as it came down to $7322 at its lowest point today. It’s currently being traded at $7377 which is slightly higher with the price being stuck in a resistance range.



    On the hourly chart, you can see that the price is inside the apex of the symmetrical triangle formed by the interrupted ascending trendline and the descending channels resistance level. The price is retesting both levels and is why it’s stuck in this range so a breakout would be expected shortly.

    Read more on FXOpen blog...

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