Bitcoin Price Technical Analysis for 12/3/2015 - Teetering Bitcoin
Bitcoin is teetering yet again as bulls struggle to take the currency north of $300. The strength in the US dollar in the anticipation of the interest rate hike is also adding to their troubles. The wait to reach new highs in 2015 may get prolonged if bulls fail to up the ante soon. As can be seen from the 240-minute BTC/USD price chart above, Bitcoin at $292.86 is trading close to its two major support lines, Support Line 1 and Support Line 2. Both hold immense value in the short term as the price has marched up by retesting them several times. Unless the price crosses the two trendlines....
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Bitcoin prices have dropped more than 4% after it became official that Greece would receive funding from both the ECB and the EU and that the Greek banks will open from Monday. In my previous analysis titled Awkward Calmness, I mentioned that a major move was expected in the Bitcoin market and I think now might be a good time for that. Bitcoin is currently trading down 4.18% at $277.84. Technical analysis of the Daily BTC-USD price chart above confirms that the market has reached the support level and buying can be initiated but strict stop-loss should be put in place. Bitcoin Chart....
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.
Bitcoin rises more than 2 percent to $430.21, nearing our year-end target of $440. In the previous price technical analysis A No Trade Market, we mentioned that an increasing MFI often causes price appreciation, and we are witnessing just that. The question now is: Would bitcoin be able to extend the gains or will it retrace its steps? Let us try to predict this with the help of technical analysis conducted on the 240-minute BTC-USD price chart. Bitcoin is well poised to increase its duration inside the $400-440 range, at least for the next couple of sessions. There is a high probability....
In the previous Bitcoin price technical analysis Rebounds, we discussed how the cryptocurrency was erasing the losses for the past week. But, the entire positivity was put to rest over the weekend as bears made a comeback and long positions were fast liquidated at the slightest hint of a pullback. Bitcoin, which is now trading at $227.93, has once again come closer to its important buying interest zone of $220-225. As the price decline has pushed the price closer to its crucial support, market participants may also be factoring in a breach of support this time, but I would recommend....
Pursuant to my earlier Bitcoin analysis titled Teetering Bulls, the digital currency continues to slog as US Dollar Index crosses 100, its highest level since 2003. With more gains seen for the Dollar Index in the coming sessions, things may turn extremely difficult for the Bitcoin bulls. Each Bitcoin is currently worth $290. As can be clearly seen from the 240-minute BTC/USD price chart above, the bullish momentum suffered a huge dent as it broke below the long-held, upward-sloping support. However, the bearish plunge lacked sufficient pressure to pierce the Support Line 1, from which the....