Bitcoin Price Technical Analysis for 25/2/2015 - Staying Afloat
Bitcoin has been consolidating since falling to a low of 166.45. After popping up above 300 briefly, it has been consolidating in February. Bitcoin (BTCUSD) 4H Chart 25/2/2015. In February, bitcoin made another push after failing to clear below 210 several times as we can see in the 4H chart above. Here are some other observations: 1) Price has rallied and held above the 200-, 100-, and 50-period simple moving averages (SMAs). This usually reflects bullish bias, but we can see that this bias is young because price only recently came up above the SMAs. Still, the fact that the cluster of....
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As mentioned in the previous Bitcoin price technical analysis, Afloat, But For How Long?, the remarkable work done by the bulls to defend their crucial weekly support of $220-225 has finally paid off during this weekend as Bitcoin price surged 5.29 percent to $241.01. During the latest price move, Bitcoin also crossed a near-term resistance which had kept it subdued for several sessions. But let us now discuss the price targets, the supports and the resistances. Bitcoin Chart Structure - Since August 19th, Bitcoin had been trading with its upside capped near $235 (we discussed this....
Litecoin is currently down 1.38 percent at $2.781 as the Bitcoin market registers a breakdown. As mentioned in the previous Litecoin price technical analysis No Trading Zone, market participants have their eyes now set on $2.700, the level which had acted as a support in the past. And further weakness in the Bitcoin market may lead to a breakdown kind of situation in Litecoin as well. Here are the latest technical points from the daily LTC-USD price chart. Litecoin Chart Structure - As can be seen, Litecoin remains capped under the influence of the 30-day simple moving average, the current....
In the previous Bitcoin price analysis, we had concluded that Bitcoin is going through a healthy correction and market participants should use it as an opportunity to create light long positions by placing a stop-loss below the support of $235. As can be seen, Bitcoin has rebounded swiftly after retesting the support line and this may initiate the second leg of the rebound. The target for the upside is $260. Take a look at the latest technical factors keeping the cryptocurrency afloat. Bitcoin Chart Structure - Currently trading at $240.70, Bitcoin is only slightly up from yesterday's....
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.
Litecoin manages to stay afloat, thanks to the rebound in Bitcoin, and can be seen testing an important short-term resistance. At $2.844, Litecoin also offers a very low-risk shorting opportunity. But before we go all bearish on Litecoin, let us visit the latest technical indications for further clarity. Here is a lowdown of the key technical aspects from the daily LTC-USD price chart. Litecoin Chart Structure - From the above chart, it is clear that Litecoin has been trading in a contracting channel since September 7. The cryptocurrency is now at the higher end of this range, which tempts....