Bitcoin Price Technical Analysis for 27/5/2015 - Flat Trading
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....
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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....
In my previous analysis titled Wide Divergences, I had pointed out some eerie disconnects between the Bitcoin price action and the technical indications. It is highly possible that the price eased a little in order to properly reflect the underlying technical considerations. Bitcoin is currently trading down 1.32% at $275.99. However, I am very concerned about the incessant crash in the momentum reading, which is worsening by the day. A decline in the momentum value in flat trading cannot bode well for the long holders. Read below the technical observations of the daily BTC-USD price....
On the lines of Bitcoin, the muted price action in Litecoin has also completed its one week. The cryptocurrency, which until the first of this month was keeping the traders overly busy, has gone flat since. Litecoin is now trading at $3.736, marginally up from yesterday's $3.732. Technical observations of the daily LTC-USD price chart have been given below. Litecoin Chart Structure - It seems like Litecoin is trying to follow through with its downmove in a way similar to its upmove, when it spent a number of days at a certain level and finally broke past it. I know this may be hard to....
Bitcoin is trading flat as market looks to consolidate after a big fall. We discussed in our previous Bitcoin price analysis An Expected Decline that market participants should look to cover their short positions near $260. The cryptocurrency can be seen sustaining above this level. Bitcoin is now trading at $264.91, down 0.05 percent from yesterday. Technical analysis of the daily BTC-USD price chart once again reiterates that short covering may be the viable option at the current levels. 2 leading indicators are conveying that price may rise in the coming sessions. Bitcoin Chart....