Bitcoin Price Technical Analysis for 1/4/2015 - Coiling Begins
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,....
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Litecoin continues to consolidate. In the 1H chart below we see a sideways range roughly between 1.80-1.90. Litecoin (LTCUSD) 1H Chart 25/2/2015. Here are some observations:1) The 200-, 100-, and 50-hour simple moving averages (SMAs) are clustered together. This reflects a market that not only has no direction, but has very low volatility. 2) Price has been whipping over and under the cluster of SMAs. This also reflects indecision, but we can already see that by looking at the sideways price action. 3) The RSI has tagged 30, but has been holding below 60 for the most part. This actually....
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 price found support last week just above 216 and started to consolidate. In the 1H chart, we can see that the cryptocurrency rallied to above 230 before starting to make lower highs and higher lows, forming a triangle. Bitcoin Price (BTCUSD) 1H Chart April 21. The 1H chart shows the coiling bitcoin price action as well as the RSI. Price and the 200-, 100-, and 50-hour simple moving averages (SMAs) are all merging together around 223-225. Essentially, there is a volatility squeeze and bitcoin price is approaching the apex. There is a theory that there are many types of cycles,....
Litecoin has jumped more than 10 percent over the weekend as Bitcoin broke past a crucial resistance level. Now trading at $2.950, Litecoin hit a high of $3.066 before easing a bit. So, will Litecoin head even higher or is this when the rebound fails? Well, it is very hard to say that right now but a clearer picture can definitely be obtained by using some technical indicators and taking cues from the expected Bitcoin price action. Litecoin Chart Structure - The Resistance can be obtained by connecting the tops of Litecoin for the month of August and it is near $3.400. This is also the....
Since making a low on the month just above 216 bitcoin rebounded to 230 and start coiling as we can see in the 1H chart. Towards the end of April 21st session, btcusd started to uncoil upwards. Let's take a look at the charts: Bitcoin (BTCUSD) 1H Chart April 22. As we can see in the 1H chart, bitcoin not only broke above a triangle, it also charged above the 230 resistance. There was strong volume, and the 1H RSI popped up above 80. The price action suggests that the bullish breakout is very likely to extend. In the very near-term however, the RSI is overbought, so we can expect some....