Bitcoin price dropped during the past week, to record a week low of $2,203 on Bitfinex yesterday, before the market's bulls took the upper hand again pushing price up to $2,475 as this analysis was being written. The support level around $2,262.62 which corresponds to the 23.6% Fibonacci retracement have resisted further price drops.
Note: To get familiar with my Fibonacci retracements and Gann Angls placements, kindly refer to my earlier analysis on Livebitcoinnews.com
By studying the 4 hour BTCUSD chart from Bitfinex, while plotting the MACD indicator and Williams Alligator (look at the below chart), we can conclude the following:
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