Bitcoin Price Technical Analysis for 4/3/2015 - Transmutation Consolidation
Bitcoin price continues to consolidate near $280 in the absence of any positive trigger. Even though the price structure for the past week has been that of higher-top, higher-bottom, there are several parameters pointing towards a correction. A thorough technical analysis on the 4-hour price chart of BTC/USD reveals some very important trading considerations: Bitcoin value has shot up from $236 to $292 since 27th February, following a textbook bullish price structure, but the Relative Strength Index (RSI) readings have failed to complement the exuberant mood. A clear case for this can be....
Related News
Litecoin has posted impressive gains of over 5% during the weekend and crossed crucial technical resistance levels. I never expected bears to lose control of the situation but now that they have, bulls are back into the driver's seat and look steady to take the price to higher grounds. Litecoin is currently trading at $1.760, below the base of the previous consolidation zone. Technical analysis of the 240-minute LTC-USD price chart explains that the cryptocurrency may well be on its way up, but the market participants should take note of the below mentioned price levels. Litecoin Chart....
Not much happened today in the price action of litecoin. As we can see in the 1H chart, price has been drifting sideways since the cryptocurrency rallied from around 1.60 to about 1.82. While price is indeed still in this consolidation range, we can see a bearish bias. Litecoin (LTCUSD) 1H Chart April 1, 2015. 1) The 200-, 100-, and 50-hour simple moving averages (SMAs) are in bearish alignment and are sloping down. 2) Price is starting to hold below the cluster of these SMAs, which shows bearish bias. 3) The RSI has held below 60, and has tagged 30, showing development of bearish....
The contraction in Dogecoin channel has limited the price movement from 46.6 satoshis to 48.3 satoshis - much narrower than the previous range of 46.6-50 satoshis. I had discussed the possibility of the consolidation extending earlier because neither of the parties is willing to exert force. The current value of each Dogecoin is 47.9 satoshis. Analysis of the 240-minute Dogecoin/Bitcoin price chart supports my earlier view that the consolidation may prolong. Bollinger Bands - The latest price contraction has witnessed Bollinger Bands playing a crucial technical role. As is evident from the....
Ethereum Price Key Highlights. Ethereum price is still slowly climbing, transitioning into a rising wedge formation from an earlier ascending channel. Price bounced off the mid-channel area of interest as predicted in an earlier article, reflecting increased bullish pressure. With the consolidation getting tighter and ethereum price approaching the peak of the wedge, a breakout in either direction is imminent. Waiting for Bitcoin Breakout? Bitcoin is also stuck in a consolidation pattern, as traders are probably on the lookout for more catalysts. This has kept ethereum price in....
Bitcoin price is, at the time of writing, breaking out of a consolidation above $600. The market has noticed and the chatrooms are speculating if this is a time to buy. Technical analysis confirms the corrective rally proposed in yesterday’s analysis. Bitcoin price had been sticking to the Fib line near $633 (Bitstamp) and the 4hr 200MA (not shown) has risen up into the area of price action to provide additional support. After a period of consolidation, MACD Bollinger Band compression confirms the onset of price volatility. This is the typical configuration prior to a breakout, and....