Weekly Bitcoin Analysis — March 4

2016-03-4Release

Technical analysis: Through last week, Coindesk BPI was down by 24.08USD (-5.57%) at 407.98USD (3182 HKD).

Without major news releases, the sentiment was average across Bitcoin platforms. The trading will range from last year’s peak at 455.61USD and the support found at 330USD. (2574–3354 HKD).

Trading suggestions: Place limit orders at around 360USD (equiv. 2808HKD), and a take-profit at 430USD (equiv. 3354HKD), which is a trade with approximately 20% gain. If we see a breakout above the resistance at 455USD, we may see further momentum towards 600USD.