Bitcoin Price Technical Analysis for 17/6/2015 - Bitcoin Crosses $250 With Ease, What Next?
Bitcoin continues to rise strongly and sharply post its crucial breakout. In my previous analysis titled Breakout Achieved, Next Target $245?, I did mention the possibility of the price touching $245 but did expect minor hindrance near $240. However, Bitcoin had other plans. The cryptocurrency not only thwarted all the bearish blows in its way but also exceeded the expectations by comfortably crossing the $250-mark. Since yesterday, Bitcoin has advanced more than 4.7% to trade at $246.85. Technically, even though bulls have a strong and steady grip on the situation, the upmove will not be....
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Bitcoin price rose 2 percent to cross the $270-mark. I discussed in my previous Bitcoin price analysis titled Time to buy some that the cryptocurrency could stage a small comeback rally as technical factors played out. Bitcoin price touched an intraday high of $271.50 and is now trading at $270.22. Technical analysis of the daily BTC-USD price chart states that market participants should exit their long trades if the price were to rise further to $275-277. Bitcoin Chart Structure - The support of the descending triangle will now act as the resistance for Bitcoin. The downward sloping....
Bitcoin is teetering yet again as bulls struggle to take the currency north of $300. The strength in the US dollar in the anticipation of the interest rate hike is also adding to their troubles. The wait to reach new highs in 2015 may get prolonged if bulls fail to up the ante soon. As can be seen from the 240-minute BTC/USD price chart above, Bitcoin at $292.86 is trading close to its two major support lines, Support Line 1 and Support Line 2. Both hold immense value in the short term as the price has marched up by retesting them several times. Unless the price crosses the two trendlines....
The Christmas isn’t turning out to be merry for Bitcoin. The cryptocurrency is struggling near the overhead resistance of $465. It is now trading 1.28% lower at $450.89, raising concerns that the market participants might pull out their funds in the holiday season. As a result, several technical indicators are also showing declines. We advised in the previous Bitcoin price technical analysis Target Achieved that traders should book at least partial profits in their long positions. And for today’s analysis, we will again be using the 4-h BTC-USD price chart from BITSTAMP.
Pursuant to my earlier analysis titled Roadblocks Ahead, Litecoin continues to face pressure near the marked resistance level. After collapsing to a six-week low of $1.60, the cryptocurrency has managed to recover some lost ground, and is currently trading at $1.80. With this, Litecoin has managed to just edge above the Resistance Line 1, which represents a value of $1.79. The technical indicators overlaid on the 240-minute LTC/USD price chart signify that some more gains can follow the rebound. Momentum - It was earlier mentioned that the Momentum indicator was maintaining a downward....
Bitcoin rises more than 2 percent to $430.21, nearing our year-end target of $440. In the previous price technical analysis A No Trade Market, we mentioned that an increasing MFI often causes price appreciation, and we are witnessing just that. The question now is: Would bitcoin be able to extend the gains or will it retrace its steps? Let us try to predict this with the help of technical analysis conducted on the 240-minute BTC-USD price chart. Bitcoin is well poised to increase its duration inside the $400-440 range, at least for the next couple of sessions. There is a high probability....