Bitcoin Price Technical Analysis for 8/6/2015 - The Wait Gets Longer!
Bitcoin is currently trying to form a temporary support near $220 and rise higher. Even during the weekend, the cryptocurrency dropped to $219 before rising up to $225.48 which was immediately followed by profit booking. As a result, Bitcoin erased all the weekend gains and is currently trading at $222.63, negative from my previous observation of $223.27. Technically, the current market situation strongly favors the short-sellers while there remains a good probability that bulls may burn their hands. Bitcoin Chart Structure - The 240-minute BTC/USD price chart above clearly tells that the....
Related News
Bitcoin has fallen 2.09 percent during the weekend to reach an extremely important trading level. The price of Bitcoin now is $256.74, in close vicinity to what we had been discussing in the many previous analyses. Now as Bitcoin has reached its target price of $256, with reference to the descending triangle pattern, it has improved the prospects of a short-term rebound. So, will there be any? Let us find out in the technical analysis of the daily BTC-USD price chart below. Bitcoin Chart Structure - The Bitcoin price has been slumping ever since it hit its peak of $318 this year. The price....
Litecoin bulls have made a great attempt in narrowing the recent losses as the price advanced roughly 1.5% to be trading at $1.797. I had mentioned in my previous analysis, Support Breached, Look to Exit! that market participants should build short positions on rise up to $1.785 by maintaining a stop-loss just above $1.795. Since the stop-loss has been triggered, it only makes sense to adopt a wait and watch strategy until convincing directional signals emerge. The 240-minute LTC-USD price chart indicates that the market may test the patience of the traders for a little longer before it....
In my previous analysis titled Awaiting the Showdown!, I had expressed that a big move would rock the market during the weekend and there is a high probability that it may be on the upside. As we can see, Bitcoin has jumped a huge 14% to cross the $300 barrier and is comfortably trading at $307.87. Intraday, the cryptocurrency hit a fresh 7-month high of $317.99 but stopped short of registering a new high for 2015. However, today's Bitcoin price analysis would focus on whether to stay long or book some profits in the positions. Technical analysis of the Daily BTC-USD price chart indicates....
Bitcoin is seeing a tepid start to this week as neither the bulls nor the bears exert any pressure on the other. The cryptocurrency looks relatively calm in the low-volume season, as do the technical indicators. Market participants should refrain from excessive trading in such conditions. Bitcoin is currently trading at $421.53. The technical indicators overlaid on the 4-h BTC-USD price chart from BITSTAMP are giving mixed signals. This, coupled with the lackluster price action, is compelling me to advise that this is a no-trade market, and one should wait for better opportunities to....
Litecoin has broken out from the two-week trading range we discussed in the previous Litecoin price technical analysis titled Range Trading? as positivity from the Bitcoin market spills over. Litecoin is currently trading at $2.887. Though a breakout may seem as the best indication for the market participants to go long on Litecoin, my advice would be to wait for a close above $2.950 or buy on a dip. But, why do I say this? Read on the technical indications below to find out. I still find the technical indications fairly mixed and therefore, require stronger signals or a low-risk....