Bitcoin Technical Analysis (Intraday) for 20/4/2015 - Breakout Coming!
Bitcoin had been trading in a narrow range after hitting a low of $210 near the end of the first half of this month. The market participants were hoping for some volatile price action (as is the nature of this digital currency) but were instead made witness to sideways consolidation. However, on a positive note, the consolidation looks set to end this week and a major breakout may happen very soon. Each Bitcoin is currently worth $226.10. An analysis of the 240-minute BTC/USD price chart above reveals that, even though the bulls have an advantage, that might not prove sufficient to tame....
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The popular saying Another Day, Another Dollar seems very apt in the current Bitcoin market which is seeing gains of a dollar a day. Since our previous observation at $242.03, Bitcoin has added $1 to be trading at $243.08. And not much has changed in the chart structure and the technical picture in the past 24 hours. Take a look at the latest case for Bitcoin. Bitcoin Chart Structure - We discussed in the previous Bitcoin price analysis A Couple of Resistances that the cryptocurrency was struggling to cross $244, however, the price went on to hit an intraday high of $246.24 later in the....
In my previous analysis titled Follow This!, I advised that market participants create short positions by placing a stop-loss just above the downward sloping resistance level for a target of $280. Since yesterday's $285.63, Bitcoin has plunged nearly 2 percent to an intraday low of $279.46 and is now trading at $281.01. Now that the price has descended to the support level, will it rebound or will it pierce the support and head even lower? Let's try to find that out with a technical analysis of the daily BTC-USD price chart. Bitcoin Chart Structure - As the gap between the resistance and....
Earlier today we published a technical analysis piece detailing the upward sloping channel through which the bitcoin price was travelling. We highlighted the fact that - from resistance around 248 - we may see a temporary correction, and that this correction would likely halt at the support offered up by the aforementioned channel. Today's action has validated this analysis, and - with the correction over - we've now returned to the upside bias on the intraday level. So what are the levels to keep an eye on to the upside as we head into the US afternoon session and beyond? Take another....
Bitcoin has risen more than 1% since yesterday to $295.76 as bulls made another attempt at crossing the supply hurdle. As technical factors come into play, we may eventually see a decisive breach of the resistance. In the last analysis Bulls Struggle At Resistance, I had concluded that Bitcoin is a buy on dips opportunity, and as can be seen, the price did dip to $286.43 before bulls rushed in to add Bitcoin to their portfolio and took the price to an intraday high of $297.44. Looking technically at the daily BTC-USD price chart conveys that even though the price rise is still capped by....
The long call given in previous Litecoin price technical analysis Breakout has certainly paid off big. Litecoin price has jumped from $2.887 to hit an intraday high of $3.137, a huge addition of 8.66 percent. Even now, the momentum is looking very strong as Litecoin threatens to take out another key resistance level. Litecoin is currently trading at $3.110. Technically, Litecoin remains on a very strong footing but it runs a major risk as well - the risk of being quickly overbought. Read the latest values of the technical indicators below for further clarity. Litecoin Chart Structure -....