Will bitcoin surpass 300 in the next 24 hours?

[Kimba_Coinarch]

The bitcoin price continued to rally north amid a little adjustment. We initially expected the price to form a downward sloping channel once peaking through the 290ish point. However, the constant occurring temporary supports made sure the price remained in a bullish bias state. Read on for our daily bitcoin price analysis.

We have recently seen the bitcoin price climb daily which points to the recent fundamental upgrades in the bitcoin arena. The inclusion of the Bitcoin Investment Trust, followed by the launch of Tera Exchange into the mainstream investing markets has literally acted as a rocket fuel to the digital currency’s value. Traders are expecting a notable Wall Street adoption in the future. Therefore, we wouldn’t be surprised if the price extends above the key resistance levels in the coming days.

March 4th Bitcoin Trading Session

The BTC/USD opened near 279, after being dumped at the intraday peak of 294. The routine price correction woke up a few bears, who briefly attempted to break below the psychological support around 275. An equal effort from the upside lovers made sure that price continued to stay in its prevailing bullish momentum. As a result, the bitcoin price once again moved a little north and validated its bullish bias.

At press time, the BTC/USD is being valued near 282.

What to Expect Today?

It is too soon to determine whether the bitcoin price is in the mood to break above the ultimate peak near 315 to confirm a long-term bullish bias. For near-term however, the technical indicators are screaming “bulls” at the top of their lungs.

As you can see in the 4H Bitfinex chart above, the bitcoin price is clearly sitting above the 50H SMA, while the RSI has dropped to 64 in the name of correction. The MACD blue curve is also pointing towards the saffron signal curve, therefore validating the little sell-offs happening in the market.

Read more analysis here: https://www.coinarch.com/Info/Blog?Page=2015/03/daily-bitcoin-price-analysis-4th-march/

At the same time, the 275-support has proven to be stronger today and is hoping to hold the price from falling into a bearish slope. If it fails, it will end up validating the downside target near 270. However, if price manages to float above the 275 level, it will further validate an upside movement towards the 285-resistance mark.

Conclusion (On Daily Charts)
Current Mood: Strongly Bullish
Technical Indicators: Strong Buy (8 Buy 0 Sell 3 Neutral)
Moving Averages: Strong Buy (12 Buy 0 Sell)

[bitwarrior]

I am hoping that we may reach at $300 in the next 24 hours but my gut tells me that it will not be and will require more time to settle at a higher floor  to finally reach that mark.

[BlindMayorBitcorn]

Watch the stars tonight, gentlemen. Bitcoin gives you wings!

[podyx]

Next week I think we'll see 300+

[ajareselde]

I am hoping that we may reach at $300 in the next 24 hours but my gut tells me that it will not be and will require more time to settle at a higher floor  to finally reach that mark.

Spot on, i fully agree, every indicator is there that we are going over 300, but u cant rally up if u dont drain out weak hands before.
Im thinking about the 240-250$ for new floor price soon, but the support just doesnt seam to allow it for now.
If 300 is your sell price, wait a week or so, i say, things should settle down by then.

cheers

[tyrexs]

i think not in 24 hoour or weekly

[okthen]

Well, something will happen today (sharpiss up or down) due to the auction.
Not sure what will happen, specially because the results won't be known that soon.

[NUFCrichard]

Well, something will happen today (sharpiss up or down) due to the auction.
Not sure what will happen, specially because the results won't be known that soon.

The price is currently $269.  A 31 dollar increase today can't exactly be expected!  Especially when the last big move was a downwards one at about 10pm last night.
I will be more than happy with $275 at the end of the day without any big whale dumps knocking it back towards 250

[Sarahiko]

Maybe or maybe not, that all depends on the demand if it has a higher demand we may see a higher that 300 USD bitcoin price

[ravenjt]

I will be more than happy with $275 at the end of the day

Wow. Can you imagine anyone saying that in 2014?
May be someone with a big short position!

[rosh]

There will definitely be an upsurge, but it will be gradual.
24 hours is too less a time.

[BitCoinNutJob]

I will be more than happy with $275 at the end of the day

Wow. Can you imagine anyone saying that in 2014?
May be someone with a big short position!

$275 price is like meh, back in early 2013 that would be like no wayyyy.

[faince222]

I don't think so. Anyway, I hope to see an increase of price in the next day..

[alesx.onfire]

i don't think so,
Is going down again to 250.

[uki]

We need a calm and steady upwards move, rather than peak to $300 in no time and then a quick dump afterwards. Looking only at the topics in this section, one could think that Bitcoin oscillates between $1000 and single digits on a daily basis.

[ThatDGuy]

I'm thinking a bit more of this retrace down from the $285-290 point, and then see if anything comes out of the auction.  If it doesn't affect things too much I think we spend a little more time here ~$270

[dothebeats]

Very unlikely within 24 hours. I might say maybe the coming weeks, but it can't be achievable within such a short time-frame. A higher floor, yes, but apparently there are still many weak hands out there that should sell before we finally see the sweet $300

[dothebeats]

I'm thinking a bit more of this retrace down from the $285-290 point, and then see if anything comes out of the auction.  If it doesn't affect things too much I think we spend a little more time here ~$270

I wish it could be lower so that I can snatch some coins before it goes up. But whatever the floor price may be, still good though.

[azguard]

Next month we can expect to see price above 300

[waterpile]

Very unlikely that it will go up in 24hrs but i guess nothing is impossible.