Bitcoin Price Technical Analysis for 20/2/2015 – Rising Steadily




bitcoin price rising steadily bitcoin newsbtc

Bitcoin price continued rising yesterday from a low of $235.86 up to record a high of around $244. The new uptrend is steady and continued to push the price to higher levels earlier today reaching $244.4 at the time of writing of this analysis.

By studying the 1 hour Bitfinex (BTC/USD) chart from tradingview.com and plotting the 20 hour EMA (look at the below chart), we can notice the following:

  • The bullish wave that started on the 18th of January has gained strength during yesterday’s later trading sessions, as shown by 2 bullish rallies, each consisting of 4 bullish candlesticks, on the 1 hour chart.
  • During most of yesterday’s trading sessions, bitcoin price was trading above the 20 hour EMA, so it is likely to see the bullish wave push the price towards the $256 resistance level within the next 24 hours, provided that the tempo of this uptrend remains unchanged.
  • At the time of writing of this analysis, bitcoin price is approaching the $246 level which resisted further rise on the 17th of February, so if the bullish wave succeeds in pushing the price above $246, it will face no considerable resistance along the way to the $256 resistance level.

bitcoin price, bitcoin analysis

By studying the 1 day Bitfinex (BTC/USD) charts from tradingview.com, calculating the RSI and plotting the Fibonacci retracement fan across a trend line that extends between the high reached on the 13th of November ($475.31) and the low reached on the 14th of January ($167.02), we can conclude the following:

  • Bitcoin price has now risen above the 50% Fibonacci retracement fan level, so if we can see it exceed $246 soon, it will face resistance at the $256 and $280 respectively, before reaching the $300 resistance level.
  • The RSI is now sloping in an upwards direction that parallels the current 1 day (BTC/USD) chart. The value of the RSI is now around 53, so it seems that the bullish wave will continue on to push the price to higher levels; however, whenever its value rises to 70, it is likely to see the bullish wave slow down or even reverse.

bitcoin price, bitcoin analysis

Conclusion:

Bitcoin price is continuing to rise and is now about to break through the $246 level. As steadily as the current bullish waves seems to be, we will probably see bitcoin price approaching the $256 resistance level soon.

 

Charts from Bitfinex

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Dr Tamer Sameeh

As the Editor-in-Chief at Newsbtc.com, I am working hard to convey to our readers up-to-date news and analyses of bitcoin and other cryptocurrencies. I am a Pediatrician, a bitcoin enthusiast, a cryptocurrency technical analyst, a bitcoin speculator and a seasonal Forex trader. I have been a freelance writer for over 8 years now and have been solely writing about bitcoin and altcoin flipping for over one year. Googling my name "Tamer Sameeh" shall give you a clearer idea about me!!

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