Bitcoin Price Technical Analysis for 9/6/2015 - Finally, a Breakout!
Bitcoin price rose more than 2% to break out of the narrow trading range which started in early June. Surprised by a sudden rally, short-sellers booked their losses which further fueled the rally past the crucial resistance level of $227. This advance has completely changed the scenario, which had been bearish for some time. Bitcoin now trades at $227.55, and dips can be used to accumulate the cryptocurrency from a short-term trading perspective. Technically, Bitcoin has registered a positive breakout on the 240-minute BTC/USD price chart but sustenance is the key to more gains. Bitcoin....
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Litecoin is trading on a bearish note as it loses 1.07 percent since yesterday to trade at $2.947. But, let us quickly visit the latest price action, the technical indications and finally, reach a conclusion which may help traders during weekend trading. Litecoin Chart Structure - Upon taking a closer look at the daily LTC-USD price chart, one can find that for the past 3 sessions, Litecoin has been trading in a contracting range where the upsides have been shrinking while the base remains the same. The range has narrowed considerably and a breakout is well on its way. There are better....
Tired of Bitcoin's consolidation? Well, then there is good news! After spending considerable time in a contracting trading range, Bitcoin may well be on course to register another breakout. There is a significant probability that the breakout may be on the upside and lead to swift gains for the cryptocurrency. Bitcoin is currently trading at $244.42. Technical analysis of the 240-minute BTC-USD price chart conveys that the cryptocurrency is well poised for the next leg of its rally. However, the support of $240 must not be violated. Bitcoin Chart Structure - A quick glance at the....
Ethereum has finally crossed over the downward sloping resistance line, albeit on a low volume, which fails to induce any confidence in the breakout. As can be seen from the 2-hour ETH-XBT price chart taken from Kraken exchange, there is no visible surge in volume reading even after the resistance has been taken out. A major contribution in ETH/XBT price rise is the sudden collapse in Bitcoin price. A free falling Bitcoin will aid this pair. Ethereum is currently trading at 0.00240BTC. The technical picture suggests that Ethereum will face significant selling pressure 0.00283BTC even if....
In my prior analysis, Finally, a Breakout!, I had mentioned that Bitcoin may rise further to challenge the previous strong support level of $231. The price did advance to $230.79 followed by minor booking, which has brought the price down to $228.49. With Bitcoin unable to overcome the supply pressure near the resistance level, it becomes important to question whether it remains a buy on dips candidate or not. Let's find that out with the technical analysis of the 240-minute BTC/USD price chart below. Bitcoin Chart Structure - As can be seen from the chart above, Bitcoin first retested the....
Bitcoin Price Key Highlights. After consolidating inside a descending triangle pattern for quite some time, bitcoin price finally picked a direction and broke to the upside. As predicted in the previous article, a breakout had been looming this week since price has been moving closer to the peak of the triangle. Bitcoin price could be in more gains from here, with technical indicators hinting that the upside breakout could be sustained. How High Can It Go? Bitcoin has just moved past the moving averages, which seemed to be the line in the sand for any gains. This suggests that price is....