Lower Lows and Lower Highs Continue in the Bitcoin Price
Yesterday afternoon shortly before the close of the European session, we published our twice-daily technical analysis piece in the bitcoin price. The piece highlighted a couple of key levels we will be watching as we head into the start of US afternoon, and suggested how we might interpret price reaching these levels as far as forming an overnight bias is concerned. Now action overnight has matured, what are the levels we're looking at on Wednesday, and how can we take a position on any potential volatility? Take a quick look at the chart. As the chart shows, overnight action - while....
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Investors watch trading volume and other momentum indicators alongside descending channel patterns to better gauge when to open and close trades. Buying an asset in a downtrend can be a risky maneuver because most investors struggle to spot reversals and as the trend deepens traders take on deep losses. In instances like these, being able to spot descending channel patterns can help traders avoid buying in a bearish trend.A “descending channel,” also known as a “bearish price channel” is formed by drawing two downward trendlines, parallel to each other, which confine the price action of....
The $1.19 trillion crypto economy is now lower in value than the lows recorded in July 2021. During the last week, digital currencies like bitcoin, ethereum, caradano, and xrp, have shed significant value against the U.S. dollar, as the top cryptos have lost 50% to more than 80% from their all-time price highs. How Low Can the Crypto Economy Go? It hasn’t been a great week for crypto assets, as the top ten digital currencies are down between 4% to 15% during the last seven days. Bitcoin (BTC) has lost 4.6% in value this week, while ethereum (ETH) has dropped by more than 14%. BNB is....
As LINK trends lower and leave behind a trail of lower highs and lower lows, the decentralized finance token is forming a Descending Channel. LINK trade setup hints at a further breakdown. Source: TradingView.com The area between the green trendlines has been where the LINK downtrend is taking place since August 15. After posting a […]
Bitcoin Price Key Highlights. Bitcoin price has been trending higher on the short-term time frames but a reversal may be brewing since the rally has weakened. Price formed lower highs, suggesting that buyers are starting to lose steam and might not be able to sustain the climb any further. Bitcoin price is on its way to test the ascending trend line on the 1-hour chart once more, with a downside break likely to indicate that a selloff will take place. Bearish Divergence Seen? Stochastic has formed higher highs while bitcoin price made lower highs, creating a slight bearish divergence....
Bitcoin will probably not reach $20,000 this year if a key technical price level isn't reclaimed soon. Bitcoin (BTC) continues to be in correction mode with BTC price dropping below $17,600 on Dec. 11, the lowest level since November. Bitcoin in a downtrend on lower timeframesEvery beautiful rally comes to an end and gets followed by a corrective period. This correction seems to have started with the price currently down more than 10% since touching a new all-time high ten days ago. Meanwhile, some recent news namely the proposed crypto regulation in the United States is bringing fear to....