Paypal has just announced that it will be integrating Bitcoin into the payment protocol with a bit more involvement then previously thought. Paypal's subsidiary Braintree was given the go ahead to announce it's involvement with Bitcoin just recently. The price has moved strongly in wake of the news and continues to move toward key resistance points on our chart.
Price has bounced off 450 several times now and has yet to close above. 450 has been a well established resistance line for some time. Price will have to close convincingly above this price before proceeding with an attempt on 460.
Fib re-tracement 1.618 converges with the medium term down trend line at 460. This should give panic buyers pause and will prove a difficult resistance line to cross. Still the likely hood remains that price will make one or more attempts at this point. It's anybody's guess as to whether the strength of Paypal acceptance news can push the price confidently past such strong resistance and those without balls of steel should sit this one out.
EDIT: Typo on chart states 1.168 fib, should read 1.618
Price has bounced off 450 several times now and has yet to close above. 450 has been a well established resistance line for some time. Price will have to close convincingly above this price before proceeding with an attempt on 460.
Fib re-tracement 1.618 converges with the medium term down trend line at 460. This should give panic buyers pause and will prove a difficult resistance line to cross. Still the likely hood remains that price will make one or more attempts at this point. It's anybody's guess as to whether the strength of Paypal acceptance news can push the price confidently past such strong resistance and those without balls of steel should sit this one out.
EDIT: Typo on chart states 1.168 fib, should read 1.618