Bitcoin Price Technical Analysis for 3/12/2015 - Reversal Pattern Forming?
Bitcoin Price Key Highlights. Bitcoin price has gradually been trending higher but it looks like the rally is starting to lose steam. Price might be forming a head and shoulders pattern on its 1-hour time frame, as the recent bounce off the Fib levels barely gained traction. Bitcoin price could be due for another selloff if the reversal formation is completed and a downside break of the neckline is seen. Short-Term Area of Interest. Using the Fib tool on the latest down move shows that the 50% level lines up with an area of interest around $365. This also coincides with the 100 SMA, which....
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Bitcoin price has slumped more than 3.5% bringing the bearish Head and Shoulders pattern to near completion. Bitcoin dropped from roughly $254 to $243 which is in close proximity to the target of $241.50. With this loss, the cryptocurrency has erased all the gains for the month of April. Each Bitcoin is currently worth $244. An analysis of the 240-minute BTC/USD price chart reveals that the damage has been done and the price may consolidate or rebound in the coming sessions. Head & Shoulders Pattern - Bitcoin had been forming a Head & Shoulders pattern - a technical bearish reversal....
Bitcoin Price Key Highlights. As predicted in an earlier article, bitcoin price was hit by profit-taking during the FOMC statement, as the US central bank decided to hike interest rates for the first time in nearly a decade. Price is now testing the rising trend line visible on the 1-hour and 4-hour time frames and may be due for a bounce. Reversal Pattern? The 100 SMA is still above the longer-term 200 SMA, which means that the path of least resistance is to the upside. However, a downward crossover is looming so a reversal could also be possible if that happens. In addition, a complex....
Bitcoin price might be in for a larger drop based on the short-term reversal formation but technical indicators are giving a different signal. Bitcoin Price Key Highlights. Bitcoin price seems to be having trouble sustaining its climb, as it started forming lower highs so far this week. A head and shoulders pattern seems to be forming, indicating a potential reversal if price breaks below the neckline around $570. If that happens, bitcoin price could drop to the next visible support around $540. Technical Indicators Signals. The 100 SMA is above the 200 SMA so the path of least resistance....
On the 4-hour time frame of BTC/USD from Bitstamp, it can be seen that price is forming a huge reversal pattern and may be due for more losses. A head and shoulders formation has been completed, with bitcoin price testing the neckline of the pattern. Technical indicators on the same chart seem to favor a downside break, even as bitcoin price is currently consolidating above the neckline support. A break below the $235 level could mean a drop all the way down to $150, which would be roughly the same height as the pattern. Stochastic is on middle ground but is pointing lower, reflecting a....
Key Highlights. Dash after trading as high as 0.0130BTC failed to maintain momentum and fell back sharply. It formed a short-term reversal pattern, which is likely to ignite more losses moving ahead. Downsides in Dash are likely if sellers manage to clear the 100 hourly simple moving average, as there are a lot of bearish signs emerging. 100 MA as Support. Dash traded lower recently after forming a toppish pattern on the hourly chart around 0.0130BTC, but sellers are facing a major resistance in the form of 100 hourly MA. Moreover, the 50% Fib retracement level of the last wave from the....