Bitcoin Price Breakout: Upside Bias Signalled
A little earlier on this morning we published a piece highlighting the overnight action in the bitcoin price, and outlining the levels our traders were looking to keep an eye on as price matured and the European session took place. Now the European session is drawing to a close, what has action throughout today told us about the expected movements in the bitcoin price this evening (GMT), and what are the levels to keep an eye on as we head into the US afternoon session? Take a quick look at the chart. As the chart shows, price at time of writing is currently just breaking above what we....
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Bitcoin price made an upside breakout from its symmetrical triangle but failed to sustain the climb, which suggests that consolidation could still stay in play. Bitcoin Price Key Highlights. Bitcoin price recently broke above a short-term consolidation pattern, possibly signaling its intention to head further north. However, price pulled back to the broken resistance just as quickly so the breakout may have been a result of a squeeze rather than a directional catalyst. Scrolling further back reveals that bitcoin price could be ranging between $960 to $1000. Technical Indicators Signals.....
The Dogecoin price dropped 2.05% against the BTC in over the last 24 hours, as Bitcoin continued to test its prevailing upside risk near 281; therefore maintaining its bullish bias. The Doge price is reacting inversely to Bitcoin's price behavior; and is therefore continuing on its prevailing bearish bias. Dogecoin Price 4H HITBTC Chart. As you can see in the chart above, the Dogecoin price has held a constant downward momentum for quite a time. Over the last 24 hours, the price succeeded to float above 49, while testing upside resistance near 52; therefore forming consolidation between....
Late yesterday afternoon, shortly before the European session drew to a close (GMT) we published a piece highlighting the day's action in the bitcoin price, and offering up a number of key levels that we were looking to in order to gain some insight into a potential overnight bias. We suggested that a break of either in term support or resistance would offer up a bearish or bullish bias respectively, and noted the targets we would look to in the event of such a bias being signalled. This said, what I see happening overnight, and what are we looking at today? Take a quick look at the chart.....
In yesterday evening's bitcoin price watch piece, we looked at the action we had seen during the European session, and suggested that - if we could get a breakout to the upside - it may be the potential driver behind a medium to long-term revaluation in the bitcoin market. Bitcoin has declined quite considerably over the last few months, and - having bottomed out around $200 last month - looked to be due some upside momentum. The fundamentals remain strong, and as bitcoin infrastructure is built, it's price - while volatile - should not depreciate to considerably. Overnight last night, we....
Here are both the range and the targets we are focusing on for our bitcoin price breakout strategy on Thursday morning. Yesterday evening, we noted that action in the bitcoin price had been relatively flat across the last few days, and that the consolidation may mean we were setting up for a big move. As things turned out, we got just that – though not to the upside as our fundamental bias suggested we might. Instead, we got a sharp downside shift, one that brought the bitcoin price to carve out fresh lows, and give back the majority of the gains it has made across the last seven days.....