Bitcoin amid positive expectations – Technical Analysis – 09-10-2015

Bitcoin price declined yesterday attempting to gain its previous gains on the short term basis, also to gather positive momentum that assist it to keep the short term bullish trend, along with a bullish trend line, pushed by the positive moving average 50, besides forming positive divergence through stochastic that appears on chart, preparing to breach 243.90 key resistance that represent 38.2% Fibonacci level for the bearish wave measured from 317.99 to 198.12.

Therefore, we expect the price to rise in the coming trading, especially after confirming breaching 243.90 level by closing above it, targeting the next resistance at 258.06 that represents 50% Fibonacci.