Bitcoin Price Technical Analysis for 3/12/2015 – Reversal Pattern Forming?

Bitcoin Price Key Highlights

• Bitcoin price has gradually been trending higher but it looks like the rally is starting to lose steam
• Price might be forming a head and shoulders pattern on its 1-hour time frame, as the recent bounce off the Fib levels barely gained traction.

Bitcoin Price Advancing Steadily Towards $370 – Formulating An Atypical Ascending Triangle Pattern

Bitcoin price rose to a high of around $365 earlier today, which is $5 short of yesterday’s high. Despite failure to print a higher high today, bitcoin price is still advancing along the new upward sloping trend line that we spotted yesterday. If the market’s bulls succeed at sustaining the current buying volume, we can expect the $370 resistance level to be tested within the next 24 hours.