Bitcoin Price Technical Analysis - Intraday - 09/03/2015: Looking up!
A little earlier on this morning we published a piece highlighting the ascending triangle that formed in the bitcoin price early Monday morning, and the potential bullish momentum that this ascending triangle inferred. We suggested that - upon pattern completion - a target of 283.50 would be initially valid, and if we can break above this, it would suggest further bullish momentum. A look at the chart shows the pattern completing shortly before lunch (GMT) and the ensuing run towards our initial target. We hit the target in the last 15 minutes or so, so where are we looking for the bitcoin....
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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....
Bitcoin briefly topped $250 for the first time since August 19, 2015, hitting a fresh monthly high of $250.09. We concluded the previous Bitcoin price technical analysis Retreats From Monthly Highs on a positive note saying that market participants should not be concerned about the drop and instead go long in Bitcoin near $242 for a target of $250. As can be seen, Bitcoin hit an intraday low of $242.82 before meeting the said target. Bitcoin is currently trading at $248.81, up 1.92 percent. And yes, we stand by our long call! bitcoin price chart. Below are the latest technical....
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,....
In my previous analysis titled Awaiting the Showdown!, I had expressed that a big move would rock the market during the weekend and there is a high probability that it may be on the upside. As we can see, Bitcoin has jumped a huge 14% to cross the $300 barrier and is comfortably trading at $307.87. Intraday, the cryptocurrency hit a fresh 7-month high of $317.99 but stopped short of registering a new high for 2015. However, today's Bitcoin price analysis would focus on whether to stay long or book some profits in the positions. Technical analysis of the Daily BTC-USD price chart indicates....
Bitcoin price rose 2 percent to cross the $270-mark. I discussed in my previous Bitcoin price analysis titled Time to buy some that the cryptocurrency could stage a small comeback rally as technical factors played out. Bitcoin price touched an intraday high of $271.50 and is now trading at $270.22. Technical analysis of the daily BTC-USD price chart states that market participants should exit their long trades if the price were to rise further to $275-277. Bitcoin Chart Structure - The support of the descending triangle will now act as the resistance for Bitcoin. The downward sloping....