Topic: [2015-12-17] The merkle:Bitcoin Technical Analysis – The Pressure is Building Up (Read 299 times)
December 18, 2015, 03:36:27 AM
There are twenty pivot zone if you use twenty time lines. So what is the use of that? Which time line should we trust?
December 18, 2015, 01:40:10 AM
Since the big sell-off that occurred on December 11, the price of Bitcoin has steadily appreciated with some interesting price action along the way. The $442 area is now a fairly established pivot zone; acting twice as resistance and another two times as support.
There is another major pivot zone that can be observed on the 30-minute chart, which just happens to be preventing the market from breaking higher. Of course I am referring to $461.50. This level gave the market some pause on the 15th, and is now acting as resistance once again.
http://themerkle.com/coins/bitcoin-technical-analysis-for-12082015-triangle-formation-2/
There is another major pivot zone that can be observed on the 30-minute chart, which just happens to be preventing the market from breaking higher. Of course I am referring to $461.50. This level gave the market some pause on the 15th, and is now acting as resistance once again.
http://themerkle.com/coins/bitcoin-technical-analysis-for-12082015-triangle-formation-2/
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