Bitcoin Price Technical Analysis for 10/9/2015 - A Healthy Correction?
In yesterday's market session, bears came charging down on Bitcoin causing a 1.66 percent drop in the price and pushing it below the $240-mark. At $239.03, Bitcoin is now in close proximity to the support provided by the horizontal line and is currently sustaining at the 30-day SMA OF $236.9643. However, the correction is not surprising given the number of resistances that Bitcoin has to cross if it is to reach its target of $260. But, is this correction an opportunity that market participants should pounce on, or is it signaling a short-term trend reversal? Let us find out through the....
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In the previous Bitcoin price analysis, we had concluded that Bitcoin is going through a healthy correction and market participants should use it as an opportunity to create light long positions by placing a stop-loss below the support of $235. As can be seen, Bitcoin has rebounded swiftly after retesting the support line and this may initiate the second leg of the rebound. The target for the upside is $260. Take a look at the latest technical factors keeping the cryptocurrency afloat. Bitcoin Chart Structure - Currently trading at $240.70, Bitcoin is only slightly up from yesterday's....
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....
Now at $441, Bitcoin is close to registering the highest weekly closing of 2015. As the cryptocurrency remains in the strong grip of the bulls, speculators are creating even more bullish positions. But have they pushed Bitcoin into the danger zone? Is a correction in the offing? Let us try to predict that by conducting a technical analysis on the weekly BTC-USD price chart taken from the Bitstamp exchange. Image. Bitcoin Chart Structure. As can be seen from the chart above, Bitcoin is trading in a strong higher-top, higher-bottom structure. The cryptocurrency has breached the resistance....
Bullish bias is still evident in Litecoin even as the cryptocurrency fell sharply from 2.14 to 1.98. As discussed in yesterday's analysis, the recent correction in Litecoin presents to us an incredible opportunity to buy as the price structure strongly favors the bulls. Each Litecoin is currently trading at $2.05. A precise technical analysis on the 240-minute LTC/USD price chart indicates that the digital currency may have bottomed out and head higher to take out the 2015-peak eventually. Technically, Litecoin seems to be enjoying a positive undertone. Price chart and technical indicators....
The Bitcoin price is hovering above $17,700 after an explosive overnight rally. Albeit the market sentiment is at its peak, some traders anticipate a healthy BTC price pullback might occur. Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said an average 30% correction would mark a healthy pullback for BTC. If […]