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Author Topic: [2016-02-14]Bitcoin Price Weekly Analysis –BTC/USD Under Bearish Pressure  (Read 206 times)
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August 14, 2016, 05:35:30 PM

Bitcoin Price Weekly Analysis –BTC/USD Under Bearish Pressure

Bitcoin price after trading as low as $578 against the US Dollar recovered and corrected higher to trade near $590 where it found sellers. The price traded close to the 50% Fib retracement level of the last drop from the $602 high to $578 low. It acted as a resistance along with the 100 hourly simple moving average. The BTC/USD failed to break it and started moving down...
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August 14, 2016, 06:21:58 PM

I anticipated by shorting some coins at $580 that I bought below $500 around 10 days ago. I personally think the lowest point for now will be $550 as there is no real reason for the price to fall down much lower. If it does happen to fall lower, then I might start to buy back the coins I sold at $580. But for that to happen the price must fall back to very low $500's.
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