Bitcoin Analysis: Week of Oct 19 (Intro to MACD)
In last week’s post we concluded with the following statement: There was more in the conclusion, but when the primary case describes the expected week pretty well, there is no need to copy all of it and is left for the reader to go back and review. The pull back down to US$340 to establish a new higher low did not take place, but a new high at US$400 resistance did. After some consolidation a newer high was made at US$415, which warranted the following tweet: “Our overall stance is now Long-Term Neutral (still have the issue of not enough new users), Intermediate-Term very slightly Bearish....
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Bitcoin value (price) is still holding above a rising channel line as the moving averages slowly converge around it. Price has fallen back from a local high yesterday and is setting up for a move. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Value and Price Analysis. Time of analysis: 10h57 UTC. BTC-China 15-Minute Chart. From the analysis pages of xbt.social, earlier today: The current chart has a rising 200MA (red), and price is consolidating around it. MACD and....
The bitcoin price chart has been whip-sawing as buyers eagerly anticipate the next advance, while profit-takers capitulate on each approach of $780 (Bitstamp). Technical analysis finds a repeating pattern and its potential outcome. The 1hr candle Bitfinex chart illustrates the dynamic of price consolidation and MACD compression. MACD compression is evident from its Bollinger Bands. As annotated in the chart, the Bollinger Bands contract around MACD as price consolidates into a narrowing range. Although MACD tends towards its zero line during price consolidation (decreasing volatility), we....
Bitcoin has failed to latch onto the weekly high of $466.64, coming down swiftly to $442.38 in a week dominated primarily by the first US interest rate hike in almost a decade. Interestingly, the cryptocurrency failed at the same level in the previous week also. As the week comes to a close on a relatively weak note, it might provide the bears with a much-needed impetus to make Bitcoin less expensive. Image. We will discuss today the weekly BTC-USD price chart from the Bitstamp exchange. The picture is very similar to what we observed in the previous weekly price technical analysis of....
Although Dogecoin price dropped yesterday to around 56 satoshis, it increased during later trading hours to record a high of around 63 satoshis. Dogecoin price opened today at 61 satoshis, yet it dropped to around 58 satoshis at the time of writing of this article. By studying the 1 day Hitbtc (DOGE/BTC) chart from tradingview.com and plotting the MACD indicator accordingly, we can notice the following: Even though dogecoin price dropped yesterday to 56 satoshis, the strong support at 52 satoshis (The 38% Fibonacci retracement level as per our earlier analysis) reversed the downtrend and....
Litecoin is currently trading at $2.894, extending its stay in the range of $2.500-$3.200 after the US Fed decided to hold off on raising the interest rates. The move has also buoyed the Bitcoin market which is pushing for higher levels as short covering begins. Today's analysis will bring forth some valuable trading points, discovered after researching the weekly LTC-USD price chart. Litecoin Chart Structure - The chart above clearly tells that Litecoin has been consolidating in a small range for more than two weeks now. In the previous week, Litecoin erased all the gains it achieved....