Bitcoin Technical Analysis for 05/09/2016 – Big Resistance at $465

The $455 price level first started acting as resistance on the 24th of April, when the market formed a double-high around $455. Since the 24th, the $455 pivot has acted as resistance a total of five times. During this weekend’s rally, price managed to close above the $455 zone. And over the past two days, the $455 area has started acting as support. Seeing as the exchange rate has managed to stay above $455 for a few days, a rally towards the April highs at $465 is much more likely now.

The daily chart shows that the $465 area goes back to December of last year, when the market started struggling to stay above this level. Since December 11th, 2015, the $465 area has acted as resistance about six times. Bitcoin’s exchange rate is now getting closer to this mammoth resistance area, and with the block reward halving likely to take place some time in July, there may be sufficient buying momentum this time to vault price above $465.

My last bitcoin article focused on the importance of the $440 area as a double-resistance zone, but this level has now become a fairly major pivot level. Since closing above $440, on the 20th of April, the $440 area has started acting as support. Make sure to mark this pivot on your charts – it may come into play in the near future if the market heads south!

Disclaimer:  This is not trading/investment advice!

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

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