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Bitcoin price attempted to rise away from the $220 support level and the price recorded a high of $224.34 earlier today before trading sideways to $220 during the rest of the day.
By studying the 1 hour Bitfinex (BTC/USD) charts from tradingview.com (look at the below chart), we can understand today’s trading pattern. Bitcoin price increased from $220.73 to $224.34 before falling down again to test the $220 support level earlier today. The $220 support level reversed the bearish wave driving the price upwards again to over $223. At the time of the writing of this article, bitcoin price dropped below $220 to $218.53; however, we are likely to see the price rise up above the $220 support, and what we are seeing now can be nothing more than another “overshoot below support” behavior.
By observing the 4 hour Bitfinex (BTC/USD) charts from tradingview.com and plotting the Vortex Indicator accordingly (look at the below chart), we can notice the following:
– Bitcoin price seems to be well supported above $220 since the 23rd of January.
– As concluded by the Vortex indicator, there are no signs of a bullish rally soon since the blue positive uptrend line has crossed below the red negative downtrend line. Also, the gap between the two lines is rising so it won’t be until some time that we can see the blue uptrend line cross above the red downtrend line ahead of a bullish wave.
Conclusion:
Bitcoin price has been mostly trading sideways to the $220 support level today. If the $220 level continues to prove to be strong enough, bitcoin price will eventually increase with a week.
Rivet Popper 
cohagen 
Quinn 
Arthur wainwright 
Adam smith 
Rex ruser 
This is the accumulation phase before the whales take it up.
Slow lingering death throws nothing more nothing less….
Amusing how any time it drops it’s solely, de facto because bitcoin is in the death throes (not throws) and can’t have any other cause whatsoever, like traders going at it.
Maybe if you could separate the two you’d understand it better and not be so fatalistic (or gleeful?) when the price drops, even if it tanks below $100.
The *price* being volatile, up down round and round – that has nothing to do with its *value* per se. That fluctuation is all about the traders in ratio to the coin being produced and money brought in. Bitcoin goes up, bitcoin goes down…it’s a market, that’s how it works, it’s par for the course. It doesn’t in any respect mean bitcoin is going away.
The *value* is another thing entirely and that value is what determines whether bitcoin will ever go away and the answer is unlikely. The reality of thousands upon thousands of new companies accepting bitcoin, the products and services being developed, the infrastructure, the policy being shaped, the multiple uses of the blockchain, and even the Wall St money about to hit the *market* (thus making the *price* go apeshit – wild fun ride ahead!), all of these things clearly and unequivocally solidify the *value* of bitcoin and its utility – means there’s a *growing* number, an *increasing* number of people – citizens and businesses – entering into the world of bitcoin, adopting bitcoin, exchanging and using bitcoin, and continuing to develop the blockchain.
To see that in your face and still think in any respect that bitcoin is in its death throes makes you oblivious, out of touch, in denial, or just plain troll who has no clear understanding of the difference and a price drop has nothing to do with the *growing* use and utility that’s taking place indicating bitcoin not only isn’t gone, it’s not anywhere near on the verge of disappearing, but instead on the verge of going main stream as the global digital currency.
People like, want, and use bitcoin. As long as that is the case, bitcoin isn’t dying and the market price is not a reflection of anything but the trading.
If that doesn’t clarify things for you, then all I can see is you never wanted clarification or understanding to begin with.
Sorry to expose you to the real world. It’s been slowly eroding for quite awhile look at November and December 2014 compared to now. The exchange show zero orders for the last couple days. Things that make you go hmmm….
Everything you describe is the good pump and dump hustle.
What amuses me is the fact loons like your self think phoney made up funny munny created from digi code has physical value in the real world and not only that but will fix the worlds problems and be one money for all. Your nuttier than a Chinese chicken salad! Sure some company’s accept it sorta but not really(actually they use a middle man who really takes the bitcoins and give them real fiat instead of bs btc.) but it’s insignificant as bitbowl proved to the many merchants who barely made any sales from btc.
Lol why do you use so many weird metaphors and catchphrases? Has anyone told you that you talk like a cheesy salesman?
It’s so obvious that you have no life just based on the words you used. Like anyone with regular interaction with real people will not talk the way you do. So painfully obvious that you are a closeted basement dweller without any connection with the outside except for raging fetishes for hating bitcoin, Mexicans, or whatever other weirdness you have going on. So ironic that you are talking about the real world. My god you are funny.
You embrace fake non money and think I have no life? Seriously?
Are you not a native English speaker? That’s the only excuse that would make you not a huge loser at this point. The way you talk is just soooo hilarious. Clearly marks you out as someone who never socializes with real people.
You think crypto is real and valuable as real money your the funny one not me.
Sure I don’t go in for liberal teenage punk bs so ofcourse I have no life. Grow up sprout.
LOL SPROUT???? You have *the* dumbest way of talking I have ever seen. That’s why you have no life. I don’t give a crap about bitcoin. It’s your retarded thought patterns that piqued my interest. Seriously, if you are a foreigner or an actual retard, tell me now. It’s impolite to make fun of the disabled.
God almighty you kids are lacking in basic communication skills, no wonder you are brainless enough to embrace made up phunny munny like BTC and such!