Bitcoin Price Technical Analysis for 18/6/2015 - Gains Erased
Bitcoin has let go of the hefty 4% gains it attained post the declaration by the US Fed chair that interest rates will remain “unchanged” for now. For an interesting take on why interest rates matter to Bitcoin, read “Could Bitcoin' Rally Be Indicative of US Fed's Rate Hike Hold-off?” As the cryptocurrency has weakened post the announcement, and there are no other market triggers in sight, we must remain cautious as Bitcoin is near important technical levels. Bitcoin is currently trading at $246.42, down 0.17% since yesterday. In my previous analysis, I had mentioned that even with strong....
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Litecoin has erased the recent gains of more than 6% with a sharp decline in excess of 5%. As mentioned in my previous analysis Sideways Action, traders utilized the rise to create bearish trades on Litecoin which has seen the price drop down to $3.676. While the price looks to consolidate, I think we may see a good downward action by the end of this week. Why do I think so? Read on below to know the technical considerations which compel me to arrive at this conclusion. Litecoin Chart Structure - The daily LTC-USD price chart above clearly implies that the marked resistance is proving to....
In my previous analysis Gains Erased, I had laid down a few technical considerations which forced me to think that another round of selling is in the offing for Litecoin. Today, I am going to bring to your attention another big divergence which may eventually prove to be damaging to the cryptocurrency. But before that, here is an update on the price: Litecoin is currently trading up $0.056 or 1.52% at $3.732. Presented below are the technical observations of the daily LTC-USD price chart. Litecoin Chart Structure - Similar to Bitcoin, Litecoin has completed six straight days of no....
In my previous Bitcoin technical analysis titled Gains Erased, I had mentioned that a trader should create long positions near $240 by maintaining a stop-loss below $238. Those who would have followed this advice would have made a neat profit of roughly $10 as the price rose to $250 after falling down to $240. Due to this strong move, Bitcoin is trading up 0.80% at $248.40. Taking a technical look at the 240-minute BTC/USD price chart above clearly reveals mixed technical indications, and that the game will turn in favor of the party which decides to the make the first strong move. Bitcoin....
The gone-by weekend proved to be bearish for both Litecoin and Bitcoin. While Bitcoin suffered an approximately 2 percent decline, Litecoin too suffered a 1 percent loss. But the magnitude of the volatility in the latter overshadowed that in the former. Litecoin is presently trading at $3.943, down 0.93 percent since Friday. Things are still relatively good in Litecoin than in Bitcoin, and may become even better if Bitcoin sustains at the current level or rebounds quickly. Take a look at the latest technical considerations of the daily LTC-USD price chart below. Litecoin Chart Structure -....
Bitcoin price has slumped more than 3.5% bringing the bearish Head and Shoulders pattern to near completion. Bitcoin dropped from roughly $254 to $243 which is in close proximity to the target of $241.50. With this loss, the cryptocurrency has erased all the gains for the month of April. Each Bitcoin is currently worth $244. An analysis of the 240-minute BTC/USD price chart reveals that the damage has been done and the price may consolidate or rebound in the coming sessions. Head & Shoulders Pattern - Bitcoin had been forming a Head & Shoulders pattern - a technical bearish reversal....