Bitcoin Analysis

posted by genuinelyFX at 03/09/2015 - 13:23 GMT

Bitcoin is consolidating. On a daily basis, we see a flag formation right above support at 260 area, and near 38.2% retracement of the last wave down. We are most likely to see an upward thrust towards 300 area, our next resistance area.

BTCUSD daily chart
BTCUSD daily chart, BTC-e data

On a higher perspective, we see this chart from February. Price movement still on track, we got to keep the small uptrend and we have some projections for 300 level, respectively 400. We see some time reaction at the end of March.

BTCUSD daily, BTC-e data
BTCUSD daily, BTC-e data

We maintain our bullish bias, towards higher levels.