Bitcoin Technical Analysis for 18/5/2015 - Shorting Opportunity

Bitcoin is trading under pressure as the Greek banks are supposed to open to the public today. Down 0.63% since our previous observation, Bitcoin has broken the upward sloping trendline, thereby creating a low-risk, shorting opportunity. Bitcoin is now trading at $276.09. In my analysis Buy, With Caution! I expressed that I expected a swift decline in the price in case the trendline was breached. Even though the support has been pierced and the price remains relatively flat, technicals have undergone a severe deterioration. Take a look at the technical analysis of the daily BTC-USD chart....

Bitcoin has risen more than 1% since yesterday as short sellers book partial profits near the bulls' mansion. However, this advance is not a reversal but rather an opportunity to create fresh short positions in the cryptocurrency. Bitcoin is now valued at $225.46. Below has been presented the latest technical considerations derived from the 240-minute BTC-USD price chart. Bitcoin Chart Structure - After taking support from near $220-levels, Bitcoin rallied to $226.48 but struggled as the price approached May's low of $227. In technical analysis, a breached low acts as a new resistance.....

Litecoin manages to stay afloat, thanks to the rebound in Bitcoin, and can be seen testing an important short-term resistance. At $2.844, Litecoin also offers a very low-risk shorting opportunity. But before we go all bearish on Litecoin, let us visit the latest technical indications for further clarity. Here is a lowdown of the key technical aspects from the daily LTC-USD price chart. Litecoin Chart Structure - From the above chart, it is clear that Litecoin has been trading in a contracting channel since September 7. The cryptocurrency is now at the higher end of this range, which tempts....

Bitcoin's disappointing action continues in the market as US dollar extends its rally against other leading currencies. Having failed at protecting $236, Bitcoin now trades under tremendous pressure, caving under which may lead to a further loss in value. Bitcoin has slid 0.33% to $235.19 since yesterday. Technically, the virtual currency looks weak and provides us with a shorting opportunity. For the analysis purpose, the 240-minute BTC/USD price chart has been considered. Bitcoin Chart Structure - The chart above clearly tells that post the support violation, bulls made an attempt to....

Litecoin is trading with a positive bias as short sellers run for cover. The cryptocurrency is trading 13.44 percent higher at $2.870 as oversold conditions give way to profit booking. But this probability was already discussed in the previous Litecoin technical analysis Next Target $2.000. Adding to the comfort of the cryptocurrency is the sharp advance in Bitcoin. I am of the opinion that the current rally is a trap and that market participants should rather consider shorting Litecoin on a rise by placing a stop-loss above $3.200. And below are the latest technical indications which are....