Check our weekly preview (issued on 03.11.14): http://www.reddit.com/r/BitcoinMarkets/comments/2lddzd/bitcoin_weekly_report_follow_up_051114/Our models estimate that price shall spent some time around this area.
A confirmed break above $359, will open the possibilities for reaching technical resistance at $377.
https://i.imgur.com/9SV6NRE.jpg
Additionally below you will find our latest update (issued 08.11.14)Quick Update | 1HR time intervalFor the past 30 hours price has entered another consolidation mode.
On the long side: The Upper 20MA BB serves as a temporary overhead resistance at $345. A confirmed break above this point will possibly assist further upside to retest the $352-$353 area.
On the short side: Support is converging at approximately $341 where both the Lower 20MA BB and the 100MA meet. Our models estimate that a confirmation break below this area may increase the possibilities of reaching the 200MA near term support at $335.
https://i.imgur.com/y3Jug7t.jpgOverall: After a rally to $353, price confirmed a throwback. This is not something unexpected as price usually needs to normalize after a breakout. Consolidation is confirmed by the diminishing volume and the flat RSI. MACD is in negative territory and a positive signal cross may assist upward movement. Finally, Stochastic has turned positive and assists price at the time of writing.
Possible Scenarios: Long Price Setup: On a confirmed break above $345 – Price Target $353
Neutral: Price Range $340-$345
Short Price Setup: On a confirmed break below $340 – Price Target $335
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