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Get the bitcoin forecast for August 27, 2014 here.
Get the bitcoin forecast for August 26, 2014 here.
Get the bitcoin forecast for August 25, 2014 here.
Get the bitcoin forecast for August 21, 2014 here.
Get the bitcoin forecast for August 20, 2014 here.
Get the bitcoin forecast for August 19, 2014 here.
BTC/USD on the daily charts has been in a very strong downtrend right from the time it has broken below the important support level at $556.
Get the bitcoin forecast for August 14, 2014 here.
In the last 24 hours, Bitcoin prices has hit new volatility levels unseen for a while, recording a drop of more than 3% to test levels as low as $570, before recouping marginally.
BTC/USD on the daily charts broke below the lower end of the triangle formation which is seen as a bearish sign on the back of good volumes. Post the breakdown we see the next level of support for the digital currency at around $543.
BTC/USD on the hourly charts has shown some momentum on the upside. It has resistance at $595 which is downward sloping trend line.
After the volatility of last week, things settled back to much of July’s pattern, with BTC/USD on the hourly charts continued trading in a very narrow trading range as traders and investors still try to grapple with the future direction for the digital currency.
BTC/USD on the hourly charts has been trading in a very narrow trading range forming a triangle. Prices have been unable to break above or below the support and resistance zones.
Bitcoin looks set to mark the third consecutive weekly loss. During the course of the week, the digital currency took support from the fundamental and technical support region of 540-550 and bounced from the oversold level of 555.90 to a high of 607.20.
Bears clearly have the upper hand in this battle and it would be safe to say that the bulls will take some time to recover. Bitcoin, which was trading at around 580-585 yesterday, has now slumped approximately 5% to 555-560 levels.