Bitcoin Price Technical Analysis for 31/3/2015 - Double Bottom
Bitcoin has been declining since failing to clear the 300 handle at the beginning of March. As we wind down the month, we find the cryprocurrency testing the 235-236 area as support. As the 1H chart shows, price has failed to break this area twice. As we began the week, we saw a sharp rebound from the 236 area. Price is climbing back above the 100-, and 50-hour simple moving averages, which show loss of the prevailing bearish bias. The RSI is about to clear 60, which would reflect loss of the prevailing bearish momentum. Bitcoin (BTCUSD) 1H chart 3/31. The price action in the 1H chart....
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Bitcoin has been consolidating since the end of last week after it tagged the 236 handle. BTCUSD rebounded from 236 to about the 255-256 area before stalling. Over the weekend and at the start of the week, we saw the cryptocurrency slide back towards that 236 low, but respecting it as support again. The 1H chart shows the strong rebound from the support area, which sets up a potential double bottom. Bitcoin (BTCUSD) 1H Chart 1/4/2015. In the 1H chart we can see that before a double bottom is complete, price action has some slight bearish bias. Indeed before this possible double bottom,....
Bitcoin price has formed a double bottom on its 1-hour time frame but has yet to break above the neckline before confirming the reversal. Bitcoin Price Key Highlights. Bitcoin price has been trending lower recently but it looks like sellers are tired from the decline. A small reversal pattern can be seen on the 1-hour time frame, possibly indicating a short-term reversal. Price has failed in its last two attempts to break below the $645 level, creating a double bottom formation. Technical Indicators Signals. The 100 SMA is still below the longer-term 200 SMA so the path of least resistance....
Ethereum (ETH) has witnessed a notable resurgence, reclaiming ground after hitting a crucial support level at $1,500. As traders analyze the daily time frame, it becomes evident that this resurgence may signify the formation of a bullish reversal pattern, known as a double bottom. A double bottom is a classic technical analysis pattern that often […]
Ethereum Price Key Highlights. Ethereum price has been on a downtrend on its longer-term time frames, but it looks like the tides could turn. A double bottom pattern is visible on the 4-hour chart and price is making its way up to test the neckline at 0.0040. Ethereum price could be in for a long-term uptrend if it is able to break past the neckline resistance soon. Technical Indicators In Favor Of the Bulls. The technical indicators on the 4-hour time frame support further gains in ethereum price, as the 100 SMA just crossed above the 200 SMA. This signals that the path of least....
Many successful traders look for double bottom and W bottom reversal patterns on technical charts in order to spot powerful price reversals. Trading in the direction of the trend is one of the best ways to be profitable. If traders learn to spot a new trend early, it provides an opportunity to buy with a good risk to reward ratio. In addition to identifying a trend, traders should also be able to recognize when it has reversed direction.While several patterns signal a possible trend change, one of the easiest to spot is the double bottom pattern. This can help traders change their strategy....