It has been a tough week for bitcoin with the bitcoin bears in the driving seat for now. Bitcoin price tested and failed to break through the $300 Fibonacci 78.6% barrier twice so far in 2015 and has been trending lower coming close to testing $200.


Whilst $200 is a psychologically important level to hold we think there is a significant probability bitcoin price may test and broach $200 by the end of April. The Stochastic RSI indicator is leaving overbought territory on the weekly chart while already oversold on the daily.


Daily volume is still average implying that a long term price low is not in place yet. Be on the lookout for a flash crash with prices dipping under $200 on high volume similar to events of early January. This would set the stage for a double bottom and the beginning of a rally which we hope will finally signal the end of the bear market and enable bitcoin price to advance past $300 later in 2015. While there are no guarantees in trading buying bitcoin below $180 provides a low risk entry point.

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