{"id":11396,"date":"2015-01-30T19:09:53","date_gmt":"2015-01-31T00:09:53","guid":{"rendered":"https:\/\/ktsl888.com\/?p=11396"},"modified":"2024-06-11T12:56:08","modified_gmt":"2024-06-11T12:56:08","slug":"bitcoin-price-technical-analysis-3012015-hold-hold-hold","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-technical-analysis-3012015-hold-hold-hold\/","title":{"rendered":"Bitcoin Price Analysis 30\/1\/2015 \u2013 Hold, Hold, Hold,\u2026\u2026."},"content":{"rendered":"

We spotted yesterday what seemed to be an attempt at reversing\u00a0 the current bearish trend<\/a>, as bitcoin price was well supported at the $220-$230 level; however, the attempted reversal was resisted shortly and the price began to fall again after reaching a high of around $243.<\/p>\n

By drawing a trend line between the low reached on the 14th<\/sup> of January ($165.82) and the high reached on the 26th<\/sup> of January ($315) on the 1 hour Bitfinex (BTC\/USD) charts from tradingview.com<\/a>, and then plotting the Fibonacci retracements accordingly (look at the below chart), we can see how the downtrend that had started on the 26th<\/sup> of January seemed to have been halted as the price touched the 61.8% retracement level at $220-$230. Afterwards, the price started rising until it exceeded $240 at the 50% retracement level (red circle on the below chart), which resisted further increase.<\/p>\n

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

By plotting the Fibonacci retracement fan on the 1 day Bitfinex (BTC\/USD) charts between the high reached on the 13th<\/sup> of November, 2014 ($473.13) and the low reached on the 14th<\/sup> of January, 2015 ($165.82) (look at the below chart), we can see that the price is currently touching the 61.8% Fibonacci retracement fan line. Accordingly, the current price shows much support as illustrated by Fibonacci retracements across 2 trend lines:<\/p>\n