Bitcoin Technical Analysis for 02/23/2016 – Trend Line Broken Today

Bitcoin has rallied relentlessly since the 10th of February, however, the market managed to break the trend line today. Today’s sell-off was the first major retracement in two weeks. After three failed attempts at breaking above $440, price plunged all the way down to $416 today.

Not only was the trend line violated, but price closed underneath an important pivot zone. Although not very clear on the 4-hour charts, the 30-minute chart shows the technical significance of the $427 price level. This area acted as resistance three times between the 18th and the 20th. The $427 area also acted as support two times during the first sell-off that occurred on the 21st. Price is now trading underneath $427, so this level may now turn into resistance.

 

The $418 level is another pivot that traders should keep in mind. This level acted as support about four times between the 17th and 19th, and today’s plunge was halted right around this level. The market has respected this area as support a total of five times this month.

Related Post

 

Disclaimer:  This is not trading/investment advice!

Image Source: 1

Chart source: https://www.okcoin.com

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Share
Published by
Traderman

Recent Posts

Top 5 Hottest Metaverse Projects Right Now

As the Metaverse trend picks up, we see more and more emerging projects entering the…

2 hours ago

Embr’s Innovative CeDeFi Ecosystem Aims to Provide Long-term Value To Investors

There has been a lot of discussion about decentralization and why it is essential for…

16 hours ago

Top 5 Yield Farming Coins to Watch In 2022

With the recent boom of Metaverse and Meme coins, it seems that Yield Farming projects…

20 hours ago

Shiba Inu Price Up 5%, Gemini Adds SHIB to Its Platform

Shiba Inu price is up 5% today, peaking at $0.00005592 with a low of $0.00005235.…

1 day ago

5 Metaverse Coins Valued Under $100 Million

With metaverse applications being the next big trend in crypto, there are still a lot…

1 day ago

The Work From Home Revolution Has Arrived

With many employers and employees acknowledging the feasibility of remote work, the possibility of it…

2 days ago

This website uses cookies.