Bitcoin Price Technical Analysis for 16/3/2015 - Sell on Rise?
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....
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Litecoin has gone berserk after breaking out of the trading channel post a brief period of sideways consolidation. The price has jumped an earth shattering 59% since yesterday to hit a fresh 2015-high of $3.194. As the cryptocurrency loses some steam, the price has come down to $2.850. Litecoin's latest price action would have killed the bears, or at least made them broke. But now, even with the unprecedented rise in bullish strength, it isn't worth to buy Litecoin when it has attained stratospheric valuation. Technical analysis of the 240-minute LTC-USD price chart conveys that the....
Consistent with yesterday's analysis, Lackluster Moves, Bitcoin has been bogged down by profit booking and minor selling, and has reached the crucial Support Line 1. This support level has been reaffirmed several times before, and hence, any breakdown below this could lead to a free fall in the Bitcoin price. By technically analyzing the BTC/USD 240-minute price chart, my recommendation is to sell on the rise. Here are some technical considerations which push me to this conclusion. Lower Top Confirmed - The technical indicators had for long been pointing to a fading bullish momentum and....
Litecoin fell more than 5 percent over the weekend as weakness returned to haunt the cryptocurrency markets. The Bitcoin market is also struggling to cope with the selling pressure and has returned to its crucial support of $220. Litecoin is currently trading at $3.330 and is well within its medium term trading range. In the previous Litecoin price technical analysis Sell on Rallies, we discussed how Litecoin remains weak and any rise in the valuation can be used to go short. That holds valid for even today. The latest technical indicators are nowhere positive or indicate that a reversal....
It seems that the Bitcoin price is now at the mercy of the bears, because bulls seem to have lost all control. In my yesterday's analysis, I mentioned that the cryptocurrency has been violating crucial support levels, which makes it a perfect sell-on-rise candidate for a target of $230. In the past 24 hours, the digital currency is little changed from $246.88 to the current $245.27. However, it was not without its fair share of volatility as the price slumped 4% intraday to a low of $236 before quickly pairing the losses. I expect volatility to remain an integral part of the upcoming....
There is a popular saying in the stock market: “Sell in May and Go away.” It's not May yet, but I think its best to sell Dogecoin now and go away for some time. The bulls are getting mauled up by the bears amid high volatility, and this has increased the probability that the cryptocurrency may see lower levels going ahead. Dogecoin remains unchanged on a daily basis, trading at 48 satoshis. A technical look at the 240-minute Dogecoin/Bitcoin price chart confirms the bearish undertone. Dogecoin Chart Structure - In my previous analysis, I had advised that Dogecoin is a seller's play and any....