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07.01.15 – Bitcoin – Update

Price at Bitfinex testing intermediate resistance | Daily time interval

Long trade above $277 has been active for 7 hours. First target on $288 intermediate resistance (light blue dotted line) has been hit.

If you are actively trading, due to recent market conditions, it is sensible to book 1/3 of profits and protect the remaining 2/3.

On the long side: For targets above current level please visit our latest weekly preview report.

On the short side: It is estimated that market will move sideways between $277 temporary support (purple dotted line) and $288 intermediate resistance (light blue dotted line) for a couple of hours. A confirmed breach below $277 may drive price to retest temporary established support at $263 (green dotted line).

070115 - Bitfinex - BTCUSD

07.01.15 – Bitfinex – Daily Candlestick Chart

Overall: While price painted a higher high, RSI followed with a lower high, which indicates that current upward reversal may not be healthy enough. On the other hand, MACD signal is converging and a positive cross will possibly hint that momentum is improving. Finally, Stochastic currently displays signs of temporary consolidation; a failure here may lead to lower prices, hence caution is advised.

Possible Scenarios:

Neutral Price Range: $277-$288

Our Stance: Neutral. Protecting long positions.


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Possible Scenarios:

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