{"id":12361,"date":"2015-02-12T01:18:33","date_gmt":"2015-02-12T06:18:33","guid":{"rendered":"https:\/\/wncen.com\/?p=12361"},"modified":"2024-06-11T12:55:29","modified_gmt":"2024-06-11T12:55:29","slug":"bitcoin-price-technical-analysis-1222015-repetitive-pattern","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-technical-analysis-1222015-repetitive-pattern\/","title":{"rendered":"Bitcoin Price Technical Analysis for 12\/2\/2015"},"content":{"rendered":"
Bitcoin price attempted to rise away from the $220 support level and the price recorded a high of $224.34 earlier today before trading sideways to $220 during the rest of the day.
\nBy studying the 1 hour Bitfinex (BTC\/USD) charts from tradingview.com<\/a> (look at the below chart), we can understand today’s trading pattern. Bitcoin price increased from $220.73 to $224.34 before falling down again to test the $220 support level earlier today. The $220 support level reversed the bearish wave driving the price upwards again to over $223. At the time of the writing of this article, bitcoin price dropped below $220 to $218.53; however, we are likely to see the price rise up above the $220 support, and what we are seeing now can be nothing more than another “overshoot below support<\/a>” behavior.<\/p>\n