Bitcoin price in July staying below $295 USD, expected to gain later in August

The popular cryptocurrency, Bitcoin, is once again showing signs of a new bullish run toward the strong psychological and technical resistance around $300 USD area. It’s doubtful we will see any significant moves this month, because we only have three more days left. However the overall look on August 2015 is very positive and it’s possible we will break the resistance and price will stabilize above the $300 USD later in August.

Graph of Bitcoin vs USD showing bollinger bands breakout on a weekly timescaleBollinger Bands breakout on W1

The first week of July was a great bullish trading week that managed to break through a very tight Bollinger Bands formation. It’s a clear sign for bigger, more serious moves in the near future.

Graph for BTC/USD price staying under 290 usdBitcoin chart – 1H timescale

We are slowly but surely moving towards a second attempt at breaking the $300 barrier. It’s especially clear on 1H and 4H time frames.

You have to realize that the $300 USD range is a very strong resistance level. Not only because it’s just a nice round number, the last time we were at this level was in March this year.

We can hope it breaks through this time, but in reality it can take up to three retries when the price can finally stabilize above that level.

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BTC/USD Price analysis for the first half of May 2015

The morning’s correction

At around 10:30 AM the BTC/USD pair started to sell quite rapidly from 246.440 USD per Bitcoin, correcting the previous days bullish movement. It was of course expected because the market had reached the overbought condition almost at the same time.

Bullish expectations

9 May 2015 BTC USD Price Analysis Prediction Movement Pivot PointThe support level of 238.416 USD per Bitcoin seems to be holding nicely right now, but there is still some room to move a little lower. The trading volume has started to decline already indicating that a lot of the traders are already closing their SHORT positions, perhaps getting ready to go LONG once again.

Targets to aim for

If the support level of 238.416 holds then we can expect the price to move upwards to at least around the 241 USD per Bitcoin area. I wouldn’t bet on the 247.440 resistance just yet because the Bollinger Bands indicator is showing a slight downward direction at this time.

 

Thanks for reading and please use the Pivot Point Calculator I made to get your support and resistance levels easily!

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BTC/USD breakout today, showing signs of recovery

Bollinger bands breakout

Todays Bollinger Bands breakout has been “boiling” for a few days now, but prior today the market was moving pretty much sideways indicating that the bulls were simply looking for the right moment to arise.

Bitcoin versus the USA dollar BTC gained against the USD on april 22I had my own long position opened on the 19th of April already, so I guess I was there a little bit early. Nevertheless, the breakout happened and as a result the market is starting to look a lot more bullish once again.

 

Currently overbought

While there is still some room for the pair to gain, I strongly recommend closing your long positions at the moment unless you are aiming for something bigger in the long run. (I am trading mainly on the 1H and 4H charts) It’s very likely the market will pull back around $228 area fairly soon.

$240 is not far

It will not take long for the Bitcoin to test a resistance level at $240,495. At the current rate this should be easily achievable later this week.

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