Bitcoin Price Technical Analysis - Intraday - 05/03/2015: Bullish action ahead?
Earlier this morning we published a piece detailing the decline in the bitcoin price overnight, and outlining our expectations for the BTCUSD as the European session matured. The primary pattern we highlighted in the bitcoin price was the downward sloping wedge, within which price had traded since we bounced from 265 flat before market open. Now, as we enter the close of the European session and the beginning of the US lunch, we have just broken out of the aforementioned wedge - a break that could signal bullish momentum throughout this afternoon. With this in mind, what are the levels to....
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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,....
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....
A little earlier today we covered the decline in bitcoin price throughout yesterday afternoon's session, and the relatively flat action we saw as we approached the European open for Monday. Action has now matured, and a look at the bitcoin price on an intraday level offers up a bullish short-term bias, and the potential for further gains as we head into the US afternoon. So, with this in mind, what are the levels to keep an eye on? Let's take a look. Today's action has seen BTCUSD trade relatively erratically, though we remained within a downward sloping widening channel until about 2 PM....
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....
Earlier this morning we published a piece highlighting the action we saw over Wednesday night in the bitcoin price, and our forecast for Thursday. Now, as we head into the close of the European session, and US afternoon begins, what ca we expect moving forward? Let's take a look. As we mentioned this morning, price hit the weekly highs we saw on Tuesday once again on Wednesday evening, and since then we have traded in a downward sloping channel towards what now serves as in term support at 291.92. We are currently trading just shy of channel resistance around 294 flat. Action around this....