Bitcoin Price Technical Analysis for 19/2/2015 - Rising Support
Bitcoin price took a dive yesterday to reach a low of around $230.85 before heading upwards again to score a high of about $240.5 at the time of writing of this analysis. By studying the 1 hour Bitfinex (BTC/USD) charts from tradingview.com and plotting the 20 hour EMA (look at the below chart), we can notice that bitcoin price stopped falling at around $230, so we can see the support level rising gradually from the previous $220 level, which also proves that yesterday's drop was nothing more than an attempt at price correction following the bullish wave that started on the 16th of....
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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....
Bitcoin price rose to print a high of around $298 yesterday, before declining to around $288, which touches the rising support level we spotted on Wednesday's analysis, earlier today. It seems like we are witnessing a "whiplash" downwards phase that proceeds a forwards phase that will lead to a breakthrough the $300 resistance level. By studying the 1 hour Bitfinex (BTC/USD) chart from tradingview.com and plotting the 20, 50 and 100 period EMAs accordingly (look at the below chart), we can conclude the following: Since the beginning of March's bullish trend, bitcoin price has been....
Litecoin price has jumped 3.35 percent to $3.980 after retesting the downward sloping support line. In the previous Litecoin price technical analysis Cautiously Optimistic, I had revised the support level to $3.720 and suggested that a weakening Bitcoin could add more pressure on the Litecoin bulls. As Bitcoin came down with a thud, Litecoin also tumbled to a low of $3.764 before gaining positive momentum. Short covering may have also helped the bulls' cause. Technically, Litecoin is still on a slippery slope but rising after retesting the support should give confidence to the buyers. Take....
Bitcoin price continued rising today and the market's buying power pushed the price up to a high of $258.92. At the time of my writing of this analysis, bitcoin price is testing the $256 resistance level. By studying the 1 hour Bitfinex (BTC/USD) chart fromtradingview.com and drawing a horizontal line across the $256 resistance/support level (look at the below chart), we can notice that on the 26th of January 2015, bitcoin price exceeded $300. We can also note that the price didn't face any support all through the way from $300 down to $256. Oppositely, as bitcoin rises above $256, it will....
Bitcoin price fell slightly below the $220 support level to score a low of $214 before rising up again to $221.71 at the time of my writing of this article. Bitcoin price overshot below the $220 support level; yet, it rapidly corrected itself to rise above $220 during later trading sessions. By looking through the 1 hour (BTC/USD) Bitfinex charts fromtradingview.com (look at the below chart), we can notice how the price dropped to $214 yet the downtrend was reversed a few hours later and pushed the price above the $220 support level. As shown on the below chart, we can see how bitcoin....