Bitcoin Price Analysis: Week of April 12 (Bearish Times)
Bitcoin price has continued experiencing downside pressure and as of this writing the price looks headed for a retest of the 200 area. Last week’s recap: Needless to say, US$240 broke. Let’s look at the 3 trends for clues as to what lies ahead. “If US$240 doesn’t hold, the US$220 area could provide minor support, but U$200 would more likely be an area to watch for bigger support. If it fails to hold, a retest of the lows (US$165-180) will certainly be the next area to watch […].” The 1 year chart (long term) of bitcoin remains bearish. Price continues to decline. The price remains below....
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Litecoin had a very quiet Monday (April 21). As the 1H char shows, it remains in the middle of a consolidation range made last week between 1.32 and 1.46. Litecoin (LTCUSD) 1H Chart April 21. Here are some observations on the 1H chart: 1) Price and the 200-, 100-, and 50-hour simple moving averages (SMAs) are all merging together around 1.41. This reflects a volatility squeeze, a market that has no conviction in any direction. 2) The RSI has been holding under 60, which reflects some bias towards bearish momentum. 3) Note that the times of strongest volume coincided with bearish hourly....
After a few weekend sessions of narrow sideways consolidation, bitcoin started the week with a bearish breakout at the end of the April 13th (Monday) session. As we can see in the 1H chart, the downtrend remains intact in the near, short-term. Bitcoin (BTCUSD) 1H Chart April 14. Some observations from the 1H chart:1) The 200-, 100-, and 50-hour simple moving averages (SMAs) are sloping down and are in bearish alignment while price remained under all of them. This represents continuation of the bearish bias in this time-frame. 2) The 1H RSI hedl under 60, which reflects maintenance of the....
Bitcoin has been consolidating over the weekend following a bearish swing last week from about 262 down to 230. Then, price started to consolidate between the 230 low and a high around 240. The 1H chart shows the small range where price is now hugging the 50-hour SMA. With the 100-, and 200-hour SMAs still above, sloping down, and in bearish alignment, bitcoin maintains a bearish bias within the consolidation. Bitcoin (BTCUSD) 1H Chart April 13. Bearish Scenario is Favored: Furthermore, the RSI remained under 60, which reflects maintenance of the bearish momentum. The favored scenario is....
This week, bitcoin found resistance around 262 and formed a head and shoulders with a neckline around 256. After the breakout, there was a period of consolidation, where we saw bulls fail to reach back to the shoulder level around 260. Instead, after a session of consolidation, price fell sharply during the April 8th session. As we enter the April 9th session, btcusd looks poised to continue a bearish trend. Bitcoin (BTCUSD) 1H Chart April 9. The 1H chart shows that price fell sharply after confirming the head and shoulders top, it is now under the cluster of 200-, 100-, and 50-hour SMAs.....
Litecoin did not rally much after establishing a price bottom over the weekend and to start the April 6th session. Instead, it stalled in the 1.72-1.73 area twice. After consolidating between that resistance and support around 1.68, LTCUSD is ending the April 6th session and starting the April 7th session with a bearish breakout. Litecoin (LTCUSD) 1H Chart April 7. Price action is also showing resistance at 1.69 and the RSI is starting to break below 40, which shows loss of the prevailing bullish momentum. Also, LTCUSD is now trading under the 200-, 100-, and 50-period SMAs again. This....