Bitcoin Price Breakout: Next Level is Key...
Late yesterday afternoon, shortly before the European session closed and as we headed into the beginning of the US session, we published this piece highlighting the day's action in the bitcoin price and outlining our forecast for the day's remaining action as we headed into Tuesday night and beyond. Now action has matured, what can we expect from bitcoin price as we head into a fresh day of trading? Let's take a look. As the chart shows, the bitcoin price traded in an overarchingly bearish trend throughout the night, confined between support and resistance of a downward sloping channel. At....
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Bitcoin price is still stuck in consolidation but might be ready to make a strong breakout in either direction sooner or later. Bitcoin Price Key Highlights. Bitcoin price formed higher lows and lower highs, creating a symmetrical triangle pattern on its 4-hour time frame. Price is still stuck inside that triangle pattern for now but a breakout might be due since it is approaching its peak. A breakout in either direction could set the longer-term trend for bitcoin. Technical Indicators Signals. The 100 SMA is currently below the 200 SMA, signaling that the path of least resistance is to....
Ethereum briefly crossed over the $2,000-level, a benchmark target for many bulls as they await a breakout price rally in the world's second-largest cryptocurrency market.
Litecoin has broken above the neckline of the Reverse Head & Shoulders pattern which sets its next target at $1.800. But, the upside breach is not convincing enough; the technical indicators do not display strong optimism and the post-breakout price action fails to inspire confidence to buy. Litecoin is presently consolidating above the neckline at $1.700. A technical analysis of the 240-minute LTC/USD price chart prevents me from buying into this market trap. Litecoin Chart Structure - Even though Litecoin has broken above the neckline level of $1.690, it has not made any significant....
In my yesterday's analysis, I mentioned that Dogecoin was going nowhere and had restricted itself to an extremely tight range. Although nothing significant has changed in price terms as the value of each Dogecoin is still 50.9 satoshis, a narrowing price range indicates that a breakout may be seen in the next 48-72 hours. I have discussed below the various inferences drawn after implementing a couple of technical indicators on the 240-minute Dogecoin/BTC price chart. Chart Structure - As mentioned above, the price action has taken the form of lower highs, higher lows thereby forming a....
Bitcoin price could be due for a breakout from the symmetrical triangle consolidation pattern, setting the next trend for price action. The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside. A candle closing below the $445 level could be enough to confirm that a downtrend is set to take place. The triangle spans $435-465 so the resulting selloff could last by $30 or at least until the triangle lows. Stochastic is on the move down so sellers are in control. RSI is also heading south, indicating the presence of selling pressure. However, if....