Within the last 72 hours, bitcoin has managed an upward move of more than $300, securing a new Bitstamp daily high of $2,788.89. Current sentiment is somewhat bullish and most medium, small, and
Volume is picking up nicely despite the increase in price. Premiums have also stabilized accordingly across the board between Bitfinex, Bitstamp,
Since Monday’s Bitstamp low of $2,460.51, there has been a rise of more than 13% in price. This is slightly less than the preceding leg up, which was an impressive 26.08% during a similar period of 48 hours. It may be a sign of momentum slowing down, but once again volume appears to holding regardless.
Intersecting trend lines show $2,480.21 as a focal point that may require additional attention. Any dips below this level are in all likelihood going to be a strong signal for the end of the ensuing upward trend. This would of course require a prior shattering of the $2,578.41 price point with a subsequent plunge below $2,421.14, $2,398.32, $2,195.63 support levels and the weekly low of $2,120.
The market has seen a steady push past most of the Gann Fan angles and only a breach of the diagonal line at 8/1 is needed for a final drive to the
Fibonacci levels for the current trading range are not lining up exactly with the formerly mentioned support levels. However, the $2,578.41 support seems to be the closest to the Fibonacci 0.382 line. Interestingly, the 1.618 Fibonacci level is just slightly above the $2,980
RSI is neutral at the moment with the MACD noticeably tightening movement without appearing overbought or oversold. Substantial divergence is present with the Williams %R indicator, which is rather low at present. OBV is descending steadily with today’s stable trading volume and price movement.
Bitcoin started trading on June 18th, at $2,651.37 (GMT 00:00 – Bitstamp) and has since moved in an upward trading range from the Monday daily low of $2,460.51 (GMT 20:00) to today’s new weekly high of $2,801 (GMT 04:00).