{"id":12618,"date":"2015-02-16T01:13:30","date_gmt":"2015-02-16T06:13:30","guid":{"rendered":"https:\/\/wncen.com\/?p=12618"},"modified":"2024-06-11T12:55:37","modified_gmt":"2024-06-11T12:55:37","slug":"bitcoin-price-technical-analysis-1522015-blue","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-technical-analysis-1522015-blue\/","title":{"rendered":"Bitcoin Price Technical Analysis for 15\/2\/2015 \u2013 Out of the Blue!"},"content":{"rendered":"

Bitcoin price dropped today to a low of $228.45. It seems that the buying power of the market<\/a> didn’t succeed in maintaining the price above the $256 support level for a long time.<\/p>\n

By looking at the 1 hour Bitfinex (BTC\/USD) chart from tradingview.com<\/a> and plotting the 20 day EMA on top of the chart, we can see how bitcoin price exhibited a rather steep drop from $268.34 to around $228.45 today. The bearish wave seems to be gaining strength as shown by the 7 successive red bearish candlesticks on the 1 hour chart. Also, the price has been trading below the 20 day EMA during most of today’s trading sessions. However, this downtrend lost momentum as the price approached the $220 support level, so the upcoming hours will decide whether $220 can prevent further price drop, or bitcoin price would test the $200 support level soon.<\/p>\n

\"bitcoin<\/a><\/p>\n

By analyzing the 4 hour Bitfinex (BTC\/USD) charts from tradingview.com and plotting the Vortex Indicator accordingly, we can see how today’s price drop can be viewed as a 50% correction of the bullish wave that started on the 12th<\/sup> of January. A price correction wave can pull the price down to 70% of the increase experienced during a bullish wave. In my opinion, bitcoin price will start rising again after testing the $220 support level. By studying the Vortex Indicator, we can notice the following:<\/p>\n