Quick Short Term Update: 15 min Chart Bitstamp

chartStrong drop this morning after the China ban on Bitcoin, the market found support with a triple bottom at 840$ then reacted up to the first deviation line of today VWAP, the relative strength index oscillator worked very well giving a nice timing indication for entering and exiting a short term trade.

As long as price stays above today VWAP at 960$ i’m not much concerned for the bearish news impact on bitcoin, instead a drop under today low at 850$ should lead to an important test of my long term support at 700$ (weekly moving average).

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10 thoughts on “Quick Short Term Update: 15 min Chart Bitstamp

  1. dennis

    Not sure if you are aware but china didn’t ban Bitcoin. They said that banks can’t use it. Everything else is business as usual. Though the misinformation going around is just as important to the price…

    1. I’m aware of the ban, yes i agree with you the disinformation heavily affected the chart today. Over Reaction but bitcoin is recovering.

  2. wisdom

    Hey I noticed it’s the second time the crash happen at 00:00, is there any reason?
    Should I stay awake every 00:00 now?

  3. fahben

    Hey,
    There is a kind of bitcoin bashing from the economists.I read that bitcoin is overevaluated or it’s a bubble.
    For me,BTC is just gaining its real value.Bitcoin was too cheap.
    I remember when bitcoin was 4 or 8$ everybody agreed with the fact that on the long term,BTC should be much more higher.Knowin the limited amount and the mining complexity,some was speculatin for btc around 100$,others around 1000/3666$ and others 10000/14000$.
    So it’s not that “amazing” or a “bubble” (yet) if BTC reaches 1000$.It’s just normal.
    With all the asks/bids and the worldwide interest,the opposite would have been a drama.

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