Bitcoin Price Technical Analysis for 23/2/2015 - Steep Dive
Bitcoin price exhibited a deep dive yesterday to reach a low of around $232 to fall just below the new trend line that we spotted during yesterday's analysis. By studying the 1 hour Bitfinex (BTC/USD) charts from tradingview.com, plotting the 20 hour EMA and extending the trend lines we plotted on the 4 hour charts during yesterday's analysis (look at the below chart), we can conclude the following: Bitcoin price dropped yesterday from $243 to around $232 during the 12:00 GMT hourly trading session to fall below the new trend line. Earlier before this drop, the price was well below the 20....
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Bitcoin price could be ready to resume its dive after this quick correction, but the consolidation does look like a continuation signal. Bitcoin Price Key Highlights. Bitcoin price recently broke below its ascending channel support visible on the 1-hour and 4-hour charts. This signals that the uptrend may be over and that a reversal is in the works. Price found support at the 200 SMA and made a pullback to the broken channel floor, which might now hold as resistance. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA still, which means that the path of least....
The rocket has run out of fuel, and it's crashing! Yes, I am talking about Litecoin. The dream investment of many until Friday has turned into a nightmare today. And those who are still holding on to their Litecoin investments may witness more pain. The speculators with deep pockets look set to unravel more of their long positions and cause a steep decline in the price of the cryptocurrency. For those who were unable to track the market during the weekend, Litecoin crashed a biblical 58.26% from a high of $8.650 to a low of $3.610 in a matter of less than 48 hours. Litecoin pared the....
Litecoin's bullish technical pattern, the Reverse Head & Shoulders has failed, in line with my expectations. The price has dropped 1.70% to $1.671, just inches away from the strong support level of $1.669. I am expecting this base to be violated in the coming sessions and see sub-$1.600 levels for the cryptocurrency. My bearish outlook is well supported by the technical considerations derived post an analysis of the 240-minute LTC/USD price chart. Litecoin Chart Structure - Earlier, Litecoin faced stiff resistance from near $1.690 level but eventually crossed this barrier on low fuel. As a....
Darkcoin's latest price action has been nothing less than a disappointment. Earlier, when it regained control and broke above the crucial resistance levels, hopes were high that the bullish momentum won't wane abruptly but, Darkcoin dashed all those hopes. I mentioned in my earlier analysis that sustenance above the 20-4h simple moving average is the key to more gains. Evidently, the market has failed to respect that level and the price of each Darkcoin has now slipped to 0.01574BTC. The 240-minute DRK/BTC price chart connotes a bearish outlook for the cryptocurrency as it fails to hold....
The Christmas isn’t turning out to be merry for Bitcoin. The cryptocurrency is struggling near the overhead resistance of $465. It is now trading 1.28% lower at $450.89, raising concerns that the market participants might pull out their funds in the holiday season. As a result, several technical indicators are also showing declines. We advised in the previous Bitcoin price technical analysis Target Achieved that traders should book at least partial profits in their long positions. And for today’s analysis, we will again be using the 4-h BTC-USD price chart from BITSTAMP.