Today's Views on Bitcoin Price Pattern
So after a little bit of fear yesterday, bitcoin price is now up about $2 and is hovering at the $237 mark. Previously we mentioned that bitcoin price would likely increase sporadically bit by bit, but that a regular period of dropping was likely here and there. Yesterday, we received a challenge to those words when bitcoin price dropped about $10 overnight, a bit more than we might have expected. Upon seeing that, the original notion was questioned and we began to think if maybe hype surrounding the US Marshals auction set for March 5th was beginning to die down earlier than expected. But....
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A look at yesterday's failed technical charting pattern entry and a description of how we are going to approach today's action in the bitcoin price markets. So yesterday we ran into a bit of bad luck. In Monday’s intraday analysis, we spent the majority of our time discussing the head and shoulders pattern that was forming (if you’re not familiar with the pattern, take a quick look at yesterday’s article here) and the implications of a pattern validation on the bitcoin price going forward. Specifically, we suggested that a breaking of the pattern’s neckline, which we slated as 395.9 flat,....
Here's what we're looking at in the bitcoin price today. In yesterday’s bitcoin price analysis, we focused on a head and shoulders pattern (inverse) that was forming on the intraday charts. The pattern suggested that – on completion via the breaking of the neckline – the pattern would give us a target of about $10 north of entry. We did get the break, and entered long as per our strategy. Post-entry, the bitcoin price gained strength, and we ran up towards our target. Unfortunately, before our target struck, price reversed and we ran back down through the entry level to take out our stop....
Here's a look at what we are focusing on in the bitcoin price this evening. Well that’s it, another day down. The crux of this morning’s article was the head and shoulders pattern that we saw as indicative of a bearish bias for the European morning session. Action has now matured, and we didn’t see the momentum we expected – at least not yet. The range we outlined was defined by the upper limit of the pattern (the head) and the lower limit of the pattern (the neckline; the point at which a breaking would complete the pattern and active entry). Today we’ve seen a run up towards the former,....
Here's a look at what we are focusing on in the bitcoin price this morning. It’s Tuesday morning, and time to take the first of our two looks at the action in the bitcoin price for today. Before we do, let’s take a quick look at what happened overnight, as this is going to influence how we approach the markets this morning. Specifically, action last night formed something of a head and shoulders pattern on the five-minute chart. A head and shoulders forms when we get a peak, a dip, a higher peak, which then dips into another peak similar in height to the first, but not as high as the....
Bitcoin price advanced to around $240 today after we spotted a bullish wave which started yesterday. Today's bitcoin price increase is highly considerable given the bearish wave that has been dominating the market throughout the past 2 weeks. By studying the 1 hour Bitfinex (BTC/USD) charts from tradingview.com (look at the below charts), we can notice that today's trading led to a repetitive pattern of candlesticks. 3-5 green bullish candlesticks followed by 2-3 red bearish candlesticks which is a pattern that has been pushing the price upwards earlier today. Each bullish wave is followed....