Bitcoin Price Breaks: Bearish Intraday Bias Prevails
In our bitcoin price watch piece that we published early this morning, we highlighted the fact that it is a public holiday in the US, the UK and Europe, and suggested that this might have an impact on trading volume during today's session. We also noted, however, that just because we might see some low-volume doesn't mean we won't see any volatility - and as it happens - this has proven incorrect. We got some sharp movements during today's European session, and as we head into the US afternoon, what are the levels to keep an eye on, and where will be looking to enter trades? Take a quick....
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Bitcoin has been consolidating over the weekend following a bearish swing last week from about 262 down to 230. Then, price started to consolidate between the 230 low and a high around 240. The 1H chart shows the small range where price is now hugging the 50-hour SMA. With the 100-, and 200-hour SMAs still above, sloping down, and in bearish alignment, bitcoin maintains a bearish bias within the consolidation. Bitcoin (BTCUSD) 1H Chart April 13. Bearish Scenario is Favored: Furthermore, the RSI remained under 60, which reflects maintenance of the bearish momentum. The favored scenario is....
Throughout the majority of last week, we saw a sustained decline in the bitcoin price coupled with the odd correction and temporary range bound action. Now the bitcoin price has matured over the weekend, with a fresh set of key levels that we are going to keep an eye on as we head into a new week's trading. What happened over the last 48 hours, what's likely to happen today, and what are the primary levels we are watching as an inference of our intraday bias? Take a quick look at the chart. As the chart shows, we saw a bit of volatility over the weekend, but the overarching trend was....
Early on Wednesday morning, we published an analysis piece that outlined a potentially bearish bias in the bitcoin price as we head into the European session. The bias derived from the decline we saw in the bitcoin price throughout Tuesday night and into Wednesday morning, and we slated 236 as an initial downside target. Action throughout the day however has offered up a reversal of this bias, and - in the medium term at least - we are now looking at weekly highs as the potential winning trade. It is worth noting that this is medium-term, and short term we may still be due for an intraday....
The Dogecoin price dropped 2.05% against the BTC in over the last 24 hours, as Bitcoin continued to test its prevailing upside risk near 281; therefore maintaining its bullish bias. The Doge price is reacting inversely to Bitcoin's price behavior; and is therefore continuing on its prevailing bearish bias. Dogecoin Price 4H HITBTC Chart. As you can see in the chart above, the Dogecoin price has held a constant downward momentum for quite a time. Over the last 24 hours, the price succeeded to float above 49, while testing upside resistance near 52; therefore forming consolidation between....
A little earlier on this morning we published a piece highlighting the action in the bitcoin price on Tuesday evening and throughout Tuesday night, and offered up some suggestions as to the levels we will be keeping an eye on during Wednesday's session in order to help us form an intraday bias throughout European business hours. Action has now matured throughout the day, and it looks as though - for now at least - BTCUSD has found a temporary floor. With this said, what are the levels we are watching as we head into the US afternoon session and beyond? Take a quick look at the chart. While....