Bitcoin Price Technical Analysis for 1/2/2015 - Welcoming the Bulls
Although Bitcoin price dropped yesterday to around $210, it increased up to $233 at the time of writing of this article. Continuation of this bullish rally is likely to drive the price up to the next resistance level at around $256. By studying the 1 hour Bitfinex (BTC/USD) charts from tradingview.com, we can notice 5 successive bullish green candles forming today secondary to an increase in the market's buying power. The successive 5 bullish candles observed on the 1 hour charts represent a significant signal that flags growing strength of the bullish wave. Accordingly, as bitcoin price....
Related News
I will resume writing a daily LTC price technical analysis starting from today, so throughout this article, I will try establishing some key resistance and support points that would help us read through the charts and detect clues that can predict future price movements. Last week, LTC price surged to exceed $4 on the 31st of October. The bullish wave started a day earlier than Bitcoin's surge and Litecoin's price rose from $3 to around $3.72 last Sunday. However, as Bitcoin's price rose above the $340 resistance level, LTC also continues to print higher highs. Bulls in Control On 1 Day....
All hell has broken loose in the Bitcoin market! The price of Bitcoin crashed more than 13 percent intraday after bears crushed the bulls following the Bitcoin XT controversy. As of now, short covering has helped lift the price up to $235.66, still off more than 7 percent. With this, all the hard work done by the bulls since June has been undone. In the previous Bitcoin price technical analysis, The Pressure is Simply Too Much, I had clearly stated that if the selling pressure were to increase even slightly, it would lead to a breakdown kind of situation in the cryptocurrency. My short....
I had said in the previous Bitcoin price technical analysis Can Bitcoin Survive This? with high optimism that the current price level may attract inflow to stem the decline. However, I have been proved wrong. The selling pressure is overwhelming the bulls, and a further increase may lead to a breakdown kind of situation in Bitcoin. Bitcoin is currently available at $255.47, down 0.49 percent. I had also pointed out earlier that if the bulls are thrashed in the next couple of sessions, there will be a higher probability of the price skidding to the consolidation zone near $240. I still....
Bitcoin has risen more than 1% since yesterday to $295.76 as bulls made another attempt at crossing the supply hurdle. As technical factors come into play, we may eventually see a decisive breach of the resistance. In the last analysis Bulls Struggle At Resistance, I had concluded that Bitcoin is a buy on dips opportunity, and as can be seen, the price did dip to $286.43 before bulls rushed in to add Bitcoin to their portfolio and took the price to an intraday high of $297.44. Looking technically at the daily BTC-USD price chart conveys that even though the price rise is still capped by....
Bitcoin has crossed the crucial resistance mentioned in A Breakout Everybody's Waiting For!, rising roughly 1.54% to trade at $235.75. The price appreciation has also led to overbought valuation for Bitcoin which might face stiff resistance from the next supply region at around $238. So, should you be buying Bitcoin now or not? Let's find out in the technical analysis below! Technical analysis of the above presented 240-minute BTC/USD price chart indicates that bulls have complete control over the situation and that Bitcoin is a pure buy-on-dips play. Bitcoin Chart Structure - After....