Bitcoin Price Tumbles: Bearish Momentum Likely to Continue Medium-Term
At the beginning of this week we saw a sharp decline in the bitcoin price, mirroring last week's Sunday decline towards 232 flat. Throughout the first few days of the week, some of this decline has abated and we saw some temporary reprieve with consecutive multi-and intraday targets around the 239-241 region. Yesterday afternoon we published a piece highlighting the upward sloping channel and the 240 target implied if we got a strong retest of support. We got this retest, and having reached our noted highs price collapsed into the late US afternoon session. A quick look at the technicals....
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A short-term downward trend is underway on Ethereum’s market. Will that movement continue into the medium term? For how long will the price keep falling? After failing to fortify at a critical level, Ethereum’s price had just one option - to continue going down. But that movement can’t yet be classified as medium-term. The $7.6 mark has become a new intermediate level. If Ethereum’s price holds at that resistance and forms a turn, the short-term downward trend is going to end and there will be an upward rebound toward the medium-term trend. Ethereum (ETH) price chart If a turn doesn’t....
http://cointelegraph.com/bitcoin-price-indexThe Bitcoin price is undergoing a correction within a downward trend. It’s approaching a point where it will decide between a continuation of the downward momentum, or an upswing. The downward trend has nott been broken yet. The current growth is just a rebound towards the medium-term downward direction. The BTCUSD price did not reach the medium-term resistance level of $417 and has formed a new key level at $409.
Ethereum’s price is moving up in a flat-like dynamic. It is now close to a medium-term resistance line, where the upward trend could be switched to a downward one. Will the long-term growth continue? As long as the structure of the current trend is not disrupted, the current growth will continue right until the medium-term level of $13.7. The future movement’s cycle will probably be decided at that point. If the downward correction continues below $10, there will be a rebound from the medium-term level of $13, where the diagonal channel and the Fibonacci level 23 intersect. Otherwise, if....
Bitcoin has been consolidating over the weekend following a bearish swing last week from about 262 down to 230. Then, price started to consolidate between the 230 low and a high around 240. The 1H chart shows the small range where price is now hugging the 50-hour SMA. With the 100-, and 200-hour SMAs still above, sloping down, and in bearish alignment, bitcoin maintains a bearish bias within the consolidation. Bitcoin (BTCUSD) 1H Chart April 13. Bearish Scenario is Favored: Furthermore, the RSI remained under 60, which reflects maintenance of the bearish momentum. The favored scenario is....
Ethereum has reached the minimum target of a medium-term correction. The future structure of its price will hint at the following direction. Will the medium-term upward trend continue? The structure of the short-term downward trend was not disrupted. Thus, the formation of a medium-term downward rebound has continued. The level of $11 is a key point, where a change of cycles could take place. If the medium-term trend does not have sufficient support, it will provoke a fall right down to the base of the whole structure. If Ethereum’s price rebounds up from the level of $11, the $12.2....