Bitcoin Price Technical Analysis for 5/2/2015 - Another Dive
Bitcoin price decided to go bearish again today, losing around 10% to drop to around $214 at the time of the writing of this article. Indecisiveness in yesterday's market has driven the price down near the $200 resistance level. By looking at the 1 day Bitfinex (BTC/USD) charts from tradingview.com (look at the below chart), we can notice that the upward trend that started on the 15t of January reversed on the 26th of January after pushing the price up to more than $300. Although the price was well supported by the $220 level during the past few days, it seems that this level failed to....
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Bitcoin price exhibited a deep dive yesterday to reach a low of around $232 to fall just below the new trend line that we spotted during yesterday's analysis. By studying the 1 hour Bitfinex (BTC/USD) charts from tradingview.com, plotting the 20 hour EMA and extending the trend lines we plotted on the 4 hour charts during yesterday's analysis (look at the below chart), we can conclude the following: Bitcoin price dropped yesterday from $243 to around $232 during the 12:00 GMT hourly trading session to fall below the new trend line. Earlier before this drop, the price was well below the 20....
Bitcoin price could be ready to resume its dive after this quick correction, but the consolidation does look like a continuation signal. Bitcoin Price Key Highlights. Bitcoin price recently broke below its ascending channel support visible on the 1-hour and 4-hour charts. This signals that the uptrend may be over and that a reversal is in the works. Price found support at the 200 SMA and made a pullback to the broken channel floor, which might now hold as resistance. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA still, which means that the path of least....
The Christmas isn’t turning out to be merry for Bitcoin. The cryptocurrency is struggling near the overhead resistance of $465. It is now trading 1.28% lower at $450.89, raising concerns that the market participants might pull out their funds in the holiday season. As a result, several technical indicators are also showing declines. We advised in the previous Bitcoin price technical analysis Target Achieved that traders should book at least partial profits in their long positions. And for today’s analysis, we will again be using the 4-h BTC-USD price chart from BITSTAMP.
Bitcoin rises more than 2 percent to $430.21, nearing our year-end target of $440. In the previous price technical analysis A No Trade Market, we mentioned that an increasing MFI often causes price appreciation, and we are witnessing just that. The question now is: Would bitcoin be able to extend the gains or will it retrace its steps? Let us try to predict this with the help of technical analysis conducted on the 240-minute BTC-USD price chart. Bitcoin is well poised to increase its duration inside the $400-440 range, at least for the next couple of sessions. There is a high probability....
In the previous Bitcoin price technical analysis Rebounds, we discussed how the cryptocurrency was erasing the losses for the past week. But, the entire positivity was put to rest over the weekend as bears made a comeback and long positions were fast liquidated at the slightest hint of a pullback. Bitcoin, which is now trading at $227.93, has once again come closer to its important buying interest zone of $220-225. As the price decline has pushed the price closer to its crucial support, market participants may also be factoring in a breach of support this time, but I would recommend....