Conclusion:<\/strong><\/h2>\nBitcoin price continues to resist dropping below $220. Analysis points to the high probability of an upcoming bullish wave.<\/p>\n
<\/p>\n
Charts from Bitfinex.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"During most of today’s trading session, bitcoin price has been rising. Bitcoin price is trading over $222 at the time of the writing of this analysis, and is expected to rise even more. By studying the 1 hour Bitfinex (BTC\/USD) charts from tradingview.com, we can notice that bitcoin price started the day by trading around $219, igniting another overshoot below the $220 support level which was later on corrected, as we predicted yesterday., The price rose up to score a high of $23.06 later on. As the price has just risen above $220, the probability of a further rise remains high, especially since the price has been moving above the 10 day EMA during many of today’s trading sessions. In my opinion, if bitcoin price rises above $225 during the next few hours, we can see it reach the $256 resistance level during another 2-4 hours. By studying the 4 hour Bitfinex (BTC\/USD) chart from tradingview.com and plotting the William’s Alligator indicator and the Vortex Indicator (VI), we can notice the following: The alignment of the VI trend lines is rather perfect for an upcoming bullish rally; the positive blue trend line has crossed above the negative red trend line and the gap between them seems to be wide and increasing; both signs are in favor of an upcoming bullish wave The 3 moving averages of William’s alligator are about to align with the red line in the middle, the blue below and the green above both, which would signal a bullish wave. Accordingly, a bullish wave can be observed during the next 8 hours. Note: The Vortex Indicator and William’s Alligator indicator are usually used on 1 day Forex charts, but we have been using both of them to analyze 1 hour (BTC\/USD) charts to predict short trends. We used a 14 hour period to calculate the value of the Vortex Indicator trends. We used the 13 hour, 8 hour and 5 hour moving averages to plot William’s Alligator “lips,” “teeth” and “jaw” respectively. \u00a0 Conclusion: Bitcoin price continues to resist dropping below $220. Analysis points to the high probability of an upcoming bullish wave. Charts from Bitfinex.<\/p>\n","protected":false},"author":516,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[441,679,755,11,14],"class_list":["post-12459","post","type-post","status-publish","format-standard","hentry","category-news","tag-bitcoin-analysis","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-news","tag-other"],"acf":[],"yoast_head":"\n
Bitcoin Price Technical Analysis for 12\/2\/2015 \u2013 Crossroads Ahead<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n