Bitcoin Price Technical Analysis for 11/6/2015 - Consolidation Time?
Bitcoin is trading relatively flat since yesterday as bulls and bears sweat it out to turn the battle in their favor. However, none of them has been able to make a considerable impact until now. Bitcoin dropped after hitting resistance, and the price took support from the recent low of $226.83. Bitcoin is presently consolidating near $228.57. Technical analysis of the 240-minute BTC-USD price chart confirms that the current scenario evenly favors both the bulls and the bears. Bitcoin Chart Structure - The chart above clearly tells that the cryptocurrency is trapped inside a thin range of....
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Bitcoin price is, at the time of writing, breaking out of a consolidation above $600. The market has noticed and the chatrooms are speculating if this is a time to buy. Technical analysis confirms the corrective rally proposed in yesterday’s analysis. Bitcoin price had been sticking to the Fib line near $633 (Bitstamp) and the 4hr 200MA (not shown) has risen up into the area of price action to provide additional support. After a period of consolidation, MACD Bollinger Band compression confirms the onset of price volatility. This is the typical configuration prior to a breakout, and....
Litecoin has posted impressive gains of over 5% during the weekend and crossed crucial technical resistance levels. I never expected bears to lose control of the situation but now that they have, bulls are back into the driver's seat and look steady to take the price to higher grounds. Litecoin is currently trading at $1.760, below the base of the previous consolidation zone. Technical analysis of the 240-minute LTC-USD price chart explains that the cryptocurrency may well be on its way up, but the market participants should take note of the below mentioned price levels. Litecoin Chart....
Ethereum Price Key Highlights. Ethereum price is still slowly climbing, transitioning into a rising wedge formation from an earlier ascending channel. Price bounced off the mid-channel area of interest as predicted in an earlier article, reflecting increased bullish pressure. With the consolidation getting tighter and ethereum price approaching the peak of the wedge, a breakout in either direction is imminent. Waiting for Bitcoin Breakout? Bitcoin is also stuck in a consolidation pattern, as traders are probably on the lookout for more catalysts. This has kept ethereum price in....
The weekend brought pain for Bitcoin, but that was always on the cards. My Friday's Bitcoin price technical analysis Palpable Strain concluded on a bearish note saying that a close below $286 could bring in further decline, and as can be seen, the cryptocurrency did slump intraday to $276.57 before taking support from near the previous consolidation level of $275. Bitcoin is currently trading at $281.26. Now, the important question that must concern the trading community is: Is this relief from the support level for real or is it a trap? This analysis will aim to provide some answers.....
In the previous Litecoin price technical analysis Flat Action, we discussed that if Litecoin fails to cross the resistance posed by the level of $3.160, it runs the risk of entering into a range. As can be seen, Litecoin has plummeted 4.44 percent to $2.907 as traders resorted to profit taking near the resistance. Another factor weighing on Litecoin is the weakness in the Bitcoin market. However, the good news is that Bitcoin is now close to its support level of $235. Values from the technical indicators overlaid on the daily LTC-USD price chart also suggest that there is an increased....