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01.01.15 – Bitcoin – Update

Price at Bitstamp testing 100MA resistance | 2HR time interval

“Happy New Year! Wishing all the Best to Everyone!”

Since 14.12.14 market has been significantly affected by the 2hr 100MA resistance.

More precisely, it is quite evident that when price tests 2hr 100MA, it gets rejected. Additionally, in two recent instances (22.12.14 & 26.12.14), it managed to burst through but sharply reversed below, erasing all the attempted gains.

On the long side: Temporary resistance on the 2 hour panel rests at $317 (red arrow) which is very close to 100MA resistance. A strong breach may assist price to retest $321 two day rejection (purple arrow).

On the short side: Temporary support is unaffected at $311 (white arrow). For possible scenarios on a confirmed break below this level, please visit the latest weekly preview report.

010115 - Bitstamp - BTCUSD

01.01.15 – Bitstamp – 2HR Candlestick Chart

Overall: Keeping things simple is the best approach at this moment. Stochastic is in the process of forming a double bottom, which indicates that market may be ready for another short term rally attempt.

Our Stance: Neutral. Recent price action suggests that caution is required on long trades.


Price at BTCe testing 100MA resistance | 2HR time interval

Temporary resistance: $315


Price at Huobi testing 100MA resistance | 2HR time interval

Temporary resistance: ¥1958


Price at OKCoin testing 100MA resistance | 2HR time interval

Temporary resistance: ¥1958


Price at Kraken above 100MA resistance | 2HR time interval

Temporary resistance: €264

 

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