BitCoin continues to rise – Technical Analysis – 23-10-2015

Bitcoin price continued to rise on the short term basis, moving along with the bullish trend line, succeeding to breach 272.20 resistance yesterday, which represents 61.8% Fibonacci level for the medium term bearish wave measured from 317.99 to 198.12, accompanied by positive divergence that appears on stochastic.

Therefore, we expect more rise in the upcoming trading, especially after settling above 272.20 level, targeting the next resistance at 289.70 that represents 76.4% Fibonacci level for the above mentioned bearish wave.