Bitcoin Price Technical Analysis - Intraday - 24/02/2015: Range Action Dominates
Earlier today we published a piece that looked at the overnight action in the bitcoin price and forecasted the likely trail price would take throughout the European session. We had 240 - highs seen earlier on in the day - slated as the initial potential upside target. The European session has now closed, and a look at the bitcoin price on an intraday level vindicates our initial target. Now looking forward, action has offered up yet another opportunity to get in at the bottom of what looks to be a short-term correction, and once again ride BTCUSD towards daily highs. Take a look at the....
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Early on Wednesday morning, we published an analysis piece that outlined a potentially bearish bias in the bitcoin price as we head into the European session. The bias derived from the decline we saw in the bitcoin price throughout Tuesday night and into Wednesday morning, and we slated 236 as an initial downside target. Action throughout the day however has offered up a reversal of this bias, and - in the medium term at least - we are now looking at weekly highs as the potential winning trade. It is worth noting that this is medium-term, and short term we may still be due for an intraday....
Earlier today we published a technical analysis piece detailing the upward sloping channel through which the bitcoin price was travelling. We highlighted the fact that - from resistance around 248 - we may see a temporary correction, and that this correction would likely halt at the support offered up by the aforementioned channel. Today's action has validated this analysis, and - with the correction over - we've now returned to the upside bias on the intraday level. So what are the levels to keep an eye on to the upside as we head into the US afternoon session and beyond? Take another....
Litecoin continues to consolidate. In the 1H chart below we see a sideways range roughly between 1.80-1.90. Litecoin (LTCUSD) 1H Chart 25/2/2015. Here are some observations:1) The 200-, 100-, and 50-hour simple moving averages (SMAs) are clustered together. This reflects a market that not only has no direction, but has very low volatility. 2) Price has been whipping over and under the cluster of SMAs. This also reflects indecision, but we can already see that by looking at the sideways price action. 3) The RSI has tagged 30, but has been holding below 60 for the most part. This actually....
Many times, our readers ask why we use technical analysis for a volatile asset such as Bitcoin. There have been several instances when my price predictions based on technical analysis have gone horribly wrong. But I must admit that it is not exactly a cakewalk to anticipate the future price movements of a security which is yet to be tagged as ‘stable.’ In this article, I will discuss all the factors that deeply affect the action in Bitcoin markets, and why trading with technicals is a tough job for price analysts. China Drives the Bitcoin Market – In March 2015, Goldman Sachs revealed in a....
An intraday look at the bitcoin price, what we've seen so far, and what we expect to see moving forward. Yesterday's action in the BTCUSD saw the bitcoin price decline just shy of $40, from intraday highs around 268.00 to lows mid evening just ahead of 228.00 flat. Our longer-term analysis of the pair (published a little earlier today) suggested that we may see a correction of this decline during today's session, and a look at the intraday chart vindicates this suggestion. The chart shows channel support "hit and hold" on three or four occasions throughout the European morning/afternoon,....