Bitcoin Price Technical Analysis - Intraday - 25/02/2015: A Return to the Upside?
Early on Wednesday morning, we published an analysis piece that outlined a potentially bearish bias in the bitcoin price as we head into the European session. The bias derived from the decline we saw in the bitcoin price throughout Tuesday night and into Wednesday morning, and we slated 236 as an initial downside target. Action throughout the day however has offered up a reversal of this bias, and - in the medium term at least - we are now looking at weekly highs as the potential winning trade. It is worth noting that this is medium-term, and short term we may still be due for an intraday....
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Earlier today we published a technical analysis piece detailing the upward sloping channel through which the bitcoin price was travelling. We highlighted the fact that - from resistance around 248 - we may see a temporary correction, and that this correction would likely halt at the support offered up by the aforementioned channel. Today's action has validated this analysis, and - with the correction over - we've now returned to the upside bias on the intraday level. So what are the levels to keep an eye on to the upside as we head into the US afternoon session and beyond? Take another....
An intraday look at the bitcoin price, what we've seen so far, and what we expect to see moving forward. Yesterday's action in the BTCUSD saw the bitcoin price decline just shy of $40, from intraday highs around 268.00 to lows mid evening just ahead of 228.00 flat. Our longer-term analysis of the pair (published a little earlier today) suggested that we may see a correction of this decline during today's session, and a look at the intraday chart vindicates this suggestion. The chart shows channel support "hit and hold" on three or four occasions throughout the European morning/afternoon,....
In my previous analysis titled Awaiting the Showdown!, I had expressed that a big move would rock the market during the weekend and there is a high probability that it may be on the upside. As we can see, Bitcoin has jumped a huge 14% to cross the $300 barrier and is comfortably trading at $307.87. Intraday, the cryptocurrency hit a fresh 7-month high of $317.99 but stopped short of registering a new high for 2015. However, today's Bitcoin price analysis would focus on whether to stay long or book some profits in the positions. Technical analysis of the Daily BTC-USD price chart indicates....
The latest price action in Bitcoin is sluggish at best. The cryptocurrency is hovering near $240 as it struggles to maintain its positive momentum on its way up. As can be remembered from the previous Bitcoin price technical analysis Know This Range, the target is $245, which also happens to be a strong resistance point. Currently, the cryptocurrency is trading at $238.50. With the price rise, the technical indicators have turned in favor of the buyers, however, I am not convinced by the latest data. Fibonacci Retracements - During trading, Bitcoin has recently hit an intraday high of....
Bitcoin briefly topped $250 for the first time since August 19, 2015, hitting a fresh monthly high of $250.09. We concluded the previous Bitcoin price technical analysis Retreats From Monthly Highs on a positive note saying that market participants should not be concerned about the drop and instead go long in Bitcoin near $242 for a target of $250. As can be seen, Bitcoin hit an intraday low of $242.82 before meeting the said target. Bitcoin is currently trading at $248.81, up 1.92 percent. And yes, we stand by our long call! bitcoin price chart. Below are the latest technical....