“As the above chart shows, the price has broke above the 50 day EMA, which could set up for a move to test big resistance in the US$255-$260 range.”
The Price has not only broken through the 50 day EMA, but has now moved above the 100 day EMA as well. A test of the 200 day at ~US$256 should occur. However, a lot of energy has been spent and the RSI is getting near an oversold level. It’s looking more like it will reject a move above the key US$255-$260 level, at least initially. Below is a daily chart of the bitcoin price.
Charts & full article :
http://cointelegraph.com/news/115407/bitcoin-price-analysis-is-volume-preceding-price
