Bitcoin Analysis: Week of Aug 10 (Intro to Volume)
In last weeks post we concluded with the following statement: Friday Aug 1st started out as an impressive day yet sold off near the end. As a trader of the Fiat Financial Markets it would have been reasonable to pull the trigger and try and take advantage of the upward momentum, but keep in mind, the medium term trend is still down and the trader should have realized within a few days that the breakout back to US$625 is not imminent. Let us now take a look at the long-term view and see where we stand. Friday’s close will help guide us whether we can once again approach the 50% Fibonacci....
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In last week’s post we concluded with the following statement: Now that the price has reached our support target of US$500-530 zone where do we stand now? Lets take a look at the weekly chart. “The odds, however, favor more downside back to the base of the triangle at US$560 and breaking below that should take us down into the US$500-530 zone where the Fibonacci’s will have a chance to create a healthy reversal.” The comment on the 61.8% Fibonacci retracement has been changed to indicate we have reached this critical support point. An additional trend line has been added that uses the....
This week has been interesting has been full of surprises to say the least. From January 13th to January 15th Bitcoin dropped from a weight priced of 264.35 on Bitstamp to a weighted price of 178.83 exactly 48 hours later. Equivalent to around a 32.4% drop in price in only just two days, it was a reminder that Bitcoin is still a young and volatile currency. While the price has gone back up a little bit (price of Bitcoin is at $210.58), Bitcoin is still down 22.21% this week, as of January 18th. Most if not all cryptocurrencies went down with the main exception being Nushares, which is up....
In last week’s post we concluded with the following statement: As you can see last Sunday we were very Bearish at a time when price had rebounded from around US$320 to US$330. In hindsight, the bounce had a little more legs in it than initially expected, but as the primary view explains, the overall picture will remain Bearish according to the charts as long as we stay below US$400 and most like US$420. We have now turned Bearish across all time frames. Until proven otherwise any bounce is expected to just be new lower high until we can get back above US$420. What we thought was a nice....
In last weeks post we concluded with the following statement: Today we will see if we need to re-evaluate this view going into next week. First let’s take a look at the latest weekly chat: Our charts are conflicting; the shorter daily chart is implying continued bearish pressure, as the bullish trend line was broken this week. The longer-term weakly chart on the other hand is not suggesting anyone should panic just yet. Watch for a pull back to the US$500 to US$530 zone while still keeping your eye on the target of US$750. Once one of these zones is approached we would look to re-evaluate....
This week, Bitcoin has seen stable gains, securing a 2.25% increase. While we did see some dips this week, Bitcoin never fell below the $240 threshold. After Bitcoin hit its low at $240, it rose quickly, hitting this week’s high at $252. Since then, Bitcoin has decreased slightly and is hovering just under $250. Volume has been in the average range this week — possibly on the lower end of the spectrum. While it is higher than the volume we saw last week, more volume would be optimum, as more liquidity for Bitcoin is never a bad thing. Next week could go either way regarding the price of....