Yesterday we could not break resistance at about $11700. There was some profit taking and the bears took us to $11195 on Bitstamp.
The overall move in the last month is still up from the low of $6116 on 6 Feb. We are in consolidation now at $11270. Will we see another breakout to the top today? We have seen 4 upward moves since 6 Feb, but it is looking smaller and smaller.
Source: One month bitcoin chart from bitcointicker.co Bitstamp prices
Tone Vays made a video about 4 hours ago with the latest technical analysis of Bitcoin. On the weekly chart Tone cannot conclude anything. So that sounds like a no trade zone then.
On the daily chart there is a lot of action according to Tone. Tone is optimistic on the daily chart because he sees a cup and handle on the chart. Tone also notes that we are above 5 levels of resistance. These have now turned into support. See video below for more info. We are above the 128 day moving average too.
What do you think of the current bitcoin price? All the way Up again to break $11750?
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