{"id":26255,"date":"2015-11-06T05:43:19","date_gmt":"2015-11-06T05:43:19","guid":{"rendered":"https:\/\/wncen.com\/?p=26255"},"modified":"2024-06-11T13:26:55","modified_gmt":"2024-06-11T13:26:55","slug":"bitcoin-price-weekly-analysis-test-of-%c2%a52200-imminent","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-weekly-analysis-test-of-%c2%a52200-imminent\/","title":{"rendered":"Bitcoin Price Weekly Analysis \u2013 Test of \u00a52200 Imminent?"},"content":{"rendered":"
Bitcoin price enjoyed a solid bullish ride recently, but it looks like it has started a corrective phase that might continue moving ahead.<\/em><\/p>\n The Bitcoin price after struggling to clear the \u00a53400 level started to correct lower<\/a>. However, it looks like the corrective rally has gone too far, as the price broke an important support area of \u00a52500. The stated break might come as an encouragement for sellers to take the price further down. There was a flag pattern formed recently on the hourly chart, which was breached to clear the way for more losses.<\/p>\n <\/a><\/p>\n The price is currently finding bids around \u00a52340, which might ignite a small pullback in two waves. An initial resistance in this case may be around the 23.6% Fib retracement level of the last DROP from the \u00a53340 high<\/strong> to \u00a52336 low. <\/strong>The mentioned Fib level is also positioned around the broken flag support, suggesting \u00a52570 may act as a hurdle for buyers.<\/p>\n MA<\/strong> \u2013 The 100 hourly simple moving average (SMA) is perfectly aligned with the highlighted resistance area of \u00a52570, pointing it as a sell zone.<\/p>\nSell Rallies?<\/h2>\n
Looking at the indicators:<\/h3>\n