Bitcoin Price: The Correction Has Commenced
The last article stated: The blowoff top did occur as price reached a high of ~US$500, before running into what is an area of major overhead supply. All of the indicators were flashing signs of extreme overbought conditions and while they have come off a bit as the price has declined they are still elevated even following the price decline of the last few days. The RSI has formed a double top and is now correcting. The MACD is starting to roll over as well but is still extreme. The DMI remains extreme but buying pressure is subsiding, which should lead to a correction as well. “The bull....
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The Bank of Uganda (BOU) has commenced a study that explores the feasibility of issuing a digital currency. However, an executive with the institution warned that the central bank needed to be clear why it must have this in the first place.
Faster Movement of Money
The Ugandan central bank is reported to have commenced studying the feasibility of issuing a CBDC that will be used by households and businesses. In addition, the BOU is reportedly planning to revise the country’s financial laws. The move enables the BOU to formally adopt the CBDC.
This central....
During this festive period in India, cryptocurrency exchanges will entice users to transact bitcoin rather than gold. This is a sequel to the commencement of this year’s Hindu celebration, the Ganesh Chaturthi, which commenced a few days ago. Indian-based crypto exchanges have commenced active measures in attracting more users and investors. The plan is to […]
Bitcoin price correction started yesterday after we spotted a "Bearish engulfing" candlestick pattern on the 4 hour (BTC/USD) charts throughout yesterday's analysis. Price correction pulled the price all the way down to $390, but thereafter we started spotting signs that signaled cessation of the downside price correction attempt. Price Correction Slowing Down on 4 Hour Charts: By analyzing the 4 hour (BTC/USD) charts from Bitstamp; executing Bollinger Bands and keeping the 38.2%, 50% and 61.8% Fibonacci retracement levels we plotted during our analysis on the 2nd of November, we can....
Ethereum price is back in the bullish zone after a mild correction against the US Dollar, and it looks like ETH/USD may break $10.65 soon. Key Highlights. ETH price gained pace after a correction towards the $10.35 support against the US Dollar. This week’s highlighted connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX) is still acting as a resistance near $10.65. The price may once again correct a few points down before making an attempt to break $10.65. Ethereum Price Resistance. There was a minor correction initiated in ETH price against the US....
Bitcoin Trading has been in profit-taking mode for the past 24 hours after buyers pushed the Bitcoin price over $300 and 1,900 CNY yesterday. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Bitcoin Trading and Price Analysis. Time of analysis: 14h30 UTC. Bitfinex 4-Hour Chart. Price has corrected to 38% retracement of the advance across all exchanges. We would expect, based on the Elliott Wave Principle and from the Bitcoin chart history, that the correction should pull much lower - to 50% or 62% at least - but trade pushes price back above 38%....