Daily Bitcoin Market Price Update: Bull Market In Sight

Daily Bitcoin Market Price Update: Bull Market In Sight

Yesterday we analyzed the bitcoin market from a weekly perspective and saw that we are, in all likelihood, very close to the beginning of a bull market. However, the weekly chart is unclear about whether or not there may be another week of selling. My analysis and the charts you see herein are based upon bitcoin price as reflected on Bitstamp. Daily Chart - Bearish Setup. Today we will look at the daily chart of the bitcoin market to get a closer look at what the charts are telling us. Here I have elected to use an eight candle bearish setup from the June 2014 high. Note first of all that....


Related News

Bitcoin Price Plunges to Decline Lows

Overnight, Bitcoin Price made the plunge to long-term support currently near $270. This is an important juncture in the price chart, and the end of decline is finally in sight. Additional decline is possible, and market participants are advised to wait for confirmation that the low has been struck. Bitcoin Price Analysis. Time of analysis: 06h00 UTC. Bitstamp Daily Chart. The Bitstamp daily chart dropped very close to the rising long-term support near $270 and printed a low of $277. The price lows are not being confirmed by the RSI and MACD indicators that are showing severe divergence....

Daily Bitcoin Price and Market Update - Still Looks Weak

I trust a few of my readers profited from my suggestion to short the market the day before yesterday. The Bitcoin Price has been timid due to the still unrevealed price that 50,000 BTC were sold at in the recent USMS Bitcoin Auction. Even with that in the background, our technical analysis still holds. Let's recap why we made that call: As you will recall, at that time we saw: - That it was an "energetic time", what some call a Fib time zone. - The market had been stopped by an arc of resistance (2nd arc) and the top of the square, for two days. - That same 2nd arc stopped the market dead....

Caution is Neccessary, Bitcoin Traders

Readers of the weekend update article will no doubt now understand why I said that I was going to pocket my gains in bitcoin at the $715 point.  To recap, this is what the daily chart looks like: I pointed out that as of Saturday night, pricetime was bumping up against 4th arc resistance.  While 4th arcs do not typically stop strong advances such as this one cold (but NEVER say never), they quite often slow advances down with a pullback. So it was that I suggested that it was a good time to pocket the $80/coin we had made since we called the start of the advance at the end of....

Bitcoin Price Update: Another Bull Run Appears (and Hoping to Disappear)

Just a few hours before, Bitcoin price topped up to a new intraday peak (at $266) and is now hinting to flatten out, as what normally happens. The price is now attempting to build up a new base near this new tropospheric level, while facing a firm selling pressure towards the next downside support near 260. The traders meanwhile are already drawing fundamentals near this wild rally. Many believe the launch of Barry Silbert's Bitcoin Investment Fund had influenced the demand of Bitcoins; therefore the rally. Some are also associating the upcoming Silk Road Bitcoin auction to be the cause of....

Bitcoin Price Rally Looks to Have Legs

Today, we will take yet one more look at the long term, 8-day candle chart of BTC, per Kraken. We looked at a bull setup from the Jan 2015 over the weekend and saw indications that BTC will likely be in a bull market through the end of the year. Then yesterday we looked at a bear setup from the Nov 2013 high, and saw kind of a foggy picture.  Not very bearish, and not very bullish.  Significant overhead resistance at ~ $714. Gann spoke of ‘wheels within wheels’, an image that I believe referred to the fractal nature of the markets.  Knowing that the markets....

Quotes

Bitcoin may be the TCP/IP of money.

Paul Buchheit, Creator of Google’s Gmail Service