BITCOIN163 BITCOIN PRICE ANALYSIS

Updated: 03/09/2016 20:33
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bitcoin163 bitcoin price analysisi
See the detailed preview of the Bitcoin price ranges and traders strategies from the analysts of Bitcoin163
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See the detailed preview of the Bitcoin price ranges and traders strategies from the analysts of Bitcoin163

On March 8 the analysts of Bitcoin163, added to HYIPNews listing highlighted the range to be focused on throughout the European morning session. The bitcoin price remained well within the predefined parameters, and the decision was taken not to bring the intrarange strategy into play, so as yet they remain out of the market and net flat for the day. As a result, and to make things a little more interesting Bitcoin163 focused on the scalp framework. Specifically, the chart's timeframe is going to be narrowed. According to the chart shown on yesterday the range Bitcoin163 was trading last night has been defined by in term support at 408.27 and in term resistance at 410.22.

And today the price has returned to the confluence of its two major 4-hour moving averages (MAs): the 20MA and the 200MA. This may be a sufficient correction to see decline resume immediately, or the correction may only be halfway, and the market may compound the correction by keeping trade in this area and doing battle to maintain price above or below the 4-hour MAs. Other than upside RSI reverse divergence at all timeframes, there is no clear indication or MA signal anywhere to help the traders anticipate what price may do next.

Ordinarily, a 20MA and 200MA cross-over such as featured in the current chart, is bearish. Yet, price rising above it, implies correction. Hence, unclear signaling. It is within the realm of possibility that the market trade price all the way back to where this decline started last week. More likely, is that the market contest price at current levels, thereby forming either a corrective pattern setting up additional decline or a new base for advance. However, there is not yet a resolution about the looming hardfork, so negative feeling may persist and decline eventually resume. Summary Bitcoin price had created some distance between its weekend reversal level near $380 and the current trading level of $410.


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