Bitcoin Price to Test $400
The Bitcoin price appears to be hanging precariously on the edge of a cliff. However, the failure to decline from current levels strengthens the case that a move up is due. Update. Time of analysis update: 19h35 UTC. A strong surge to the upside is approaching the 1.618 target at $398. The structure of the advancing wave is unusual and it will be interesting to see how it develops. The momentum of the advancing wave implies it will advance beyond the 1.618 Fib extension - if not today, then after a retracement. A resumption of the larger decline seems unlikely today. Bitstamp 15-Minute....
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Bitcoin price just came off a test of the triangle support and might be due for another move towards resistance. The 100 SMA is above the 200 SMA, signaling that the path of least resistance is to the upside. Stochastic is on the move up, which also confirms that buyers are in control of price action for now, likely pushing for a test of the triangle top around $420-430. RSI is also heading north so price might follow suit. Stronger bullish pressure might even lead to an upside break of the triangle resistance and a prolonged uptrend for bitcoin price. In that case, price could resume its....
Price as of writing is US$249.90. Last week it was stated: The Price has not only broken through the 50 day EMA, but has now moved above the 100 day EMA as well. A test of the 200 day at ~US$256 should occur. However, a lot of energy has been spent and the RSI is getting near an oversold level. It’s looking more like it will reject a move above the key US$255-$260 level, at least initially. Below is a daily chart of the bitcoin price. “As the above chart shows, the price has broke above the 50 day EMA, which could set up for a move to test big resistance in the US$255-$260 range.”
CoinWallet, the UK based bitcoin buying and selling platform has planned to conduct another stress test on the bitcoin network. The company just cannot seem to have enough of these tests, disrupting the service each time. However, what CoinWallet is out to do maybe blatantly illegal and in such case, the implication of such a test need to be looked into and appropriate actions taken by both CoinWallet and law enforcement agencies to ensure that no laws are broken during the process. CoinWallet has already conducted a not so successful stress test earlier this year. Even though the previous....
BTC price at press time: US$288. Last week’s price alert began with: “Price has retreated in the wake of a Greek Deal, a DDOS attack on OKcoin, and a PBOC that is attempting to stabilize the Chinese markets. Over the last few days, price has traded in a tight range below US$280, unable to remain above. The price fell below a few levels identified as support, i.e. US$300, US$289, and US$280. Price continues to consolidate in the wake of the big June run-up. The big test that must hold is ~US$272, which is the 200 day Exponential Moving Average (EMA).” Price went right down to US$272, the....
Bitcoin price could test the top of the triangle, which might hold as resistance since it coincides with the 100 SMA and is coming off a strong downtrend. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. This suggests that the $390-400 area might keep gains in check, pushing bitcoin price back to the bottom of the triangle at $370-375. Stochastic is on its way up, after just making it out of the oversold region. This indicates that bullish pressure is present and that buyers could attempt to push past the triangle resistance. If so, price....