itcoin Price Moving Parallel To the 1 x 1 Gann Angle:
By examining the 1 hour (BTC/USD) charts from Bitstamp and keeping the fibonacci retracements and the Gann angles we plotted during earlier analyses (look at the below chart), we can conclude the following:
- Bitcoin price rose to breach the resistance that corresponded to the point of convergence between the 1 x 1 Gann angle and the 0 Fib retracement level at 00:00 earlier today. However, the bulls weren’t able to keep bitcoin price above the 1 x 1 Gann angle and a few hours later, it dropped below this crucial level of resistance.
- We can now spot a new uptrend line forming, with a trend angle of 46 degrees (calculated by integration of the equation that corresponds to the blue trend line on the below chart). Accordingly, we expect bitcoin price to continue following this new “slope” of rise, which is rather slow and frustrating for the market’s bulls.
- The candlesticks following the 00:00 time bar exhibited long upwards shadows, which represents the instability of bitcoin price above the 1 x 1 Gann angle level.
source :
http://www.newsbtc.com/2015/11/30/bitcoin-price-inching-further-up-driving-the-bulls-around-the-bend/
