Bitcoin Price Technical Analysis for 3/4/2015 - Testing Resistance
In the previous session, we saw bitcoin uncoil upwards. In the 1H chart, we can see that the uncoiling extended further during the Thursday April 2 session. Here are some observations:1) Price has sprung up from the cluster of 200-, 100-, and 50-hour simple moving avearges (SMAs). This shows the market's decision to turn bullish. 2) The RSI has tagged above 70, which shows initiation of bullish momentum. 3) Price is still holding under the 255-256 highs, which suggests that the bullish outlook was so far a near-term one. Bitcoin (BTCUSD) 1H Chart April 3, 2015. Bullish Scenario: Now, if....
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Bitcoin price continued rising today and the market's buying power pushed the price up to a high of $258.92. At the time of my writing of this analysis, bitcoin price is testing the $256 resistance level. By studying the 1 hour Bitfinex (BTC/USD) chart fromtradingview.com and drawing a horizontal line across the $256 resistance/support level (look at the below chart), we can notice that on the 26th of January 2015, bitcoin price exceeded $300. We can also note that the price didn't face any support all through the way from $300 down to $256. Oppositely, as bitcoin rises above $256, it will....
Bitcoin Price Key Highlights. Bitcoin price is forming a descending triangle pattern with its lower highs and support around $315. Price is currently testing the top of the triangle near the 100 SMA, which has held as a dynamic inflection point in the past. Bitcoin price could be due for a decline to the bottom of the descending triangle, as technical indicators are showing that bears are taking control. More Sell Signals? First off, the short-term 100 SMA is below the longer-term 200 SMA, indicating that the path of least resistance is to the downside. Any pop higher from the descending....
Bitcoin price enjoyed a strong rally recently but could be ready to resume its slide soon if this area of interest holds. Bitcoin Price Key Highlights. Bitcoin price broke above the neckline of the short-term double bottom formation illustrated in the previous article. Price has climbed to the $580 area since and is testing the support turned resistance level. Additional resistance is located around technical inflection points so a return in bearish pressure could be due. Technical Indicators Signals. The 100 SMA is below the longer-term 200 SMA, confirming that the path of least....
Bitcoin Price Key Highlights. Bitcoin price is starting a downtrend on its 1-hour forex chart, with a descending trend line connecting the latest highs since the start of the month. Price is currently testing the trend line resistance near the Fibonacci retracement levels and might be ready to resume its slide. Bitcoin price appears to be finding resistance at the 50% Fibonacci retracement level while technical indicators are hinting that the selloff could carry on. Correction Almost Over. Bitcoin price already bounced off the 50% Fib on its first test but it seems to be making another....
The consolidation in Bitcoin has been prolonged as neither the bulls nor the bears are interested in exerting pressure at the moment. With price action staying muted, these are definitely testing times for the traders who are positioned in this sideways market. Bitcoin is marginally positive from yesterday, rising 0.2% to $235.88. Technical analysis of the 240-minute BTC/USD price chart reveals that even as the cryptocurrency hits the resistance for the third time, the momentum is tilted in favor of the sellers. Bitcoin Chart Structure - The chart above tells that Bitcoin recently made the....