Bitcoin Price Technical Analysis for 26/6/2015 - Hanging by a Thread
Bitcoin can be seen consolidating around $242 after threatening the support of $240. It is now trading up 0.79% at $241.75. While it may look like Bitcoin has successfully managed to hold its ground, its fate is still hanging by a thread. Why do I say this? Read the technical analysis of the 240-minute BTC-USD price chart below. Bitcoin Chart Structure - Even when Bitcoin was being pressured below $240, it did not close below this crucial level and after spending considerable time standing on this support, Bitcoin decided to edge higher. But just when it looked that bulls would make a good....
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Bitcoin ended the previous week on an extremely strong note even as the Greece crisis looms. Since our last discussion Hanging by a Thread, the price has jumped 3.47% to $250.15. A major contribution to Bitcoin's price rise could be of speculators, who are lifting the price higher in the anticipation that a Grexit could result in the adoption of Bitcoin as the Greece's new official currency. So, can Bitcoin head higher or is $250 to big a hurdle to cross? Let us find out via the technical analysis of the 240-minute BTC-USD price chart. Bitcoin Chart Structure - As reports became clear that....
Bitcoin has been consolidating since hitting a low around 166. Price has rebounded above 300 briefly, and then retreated. Still, BTCUSD has been hanging onto the consolidation mode in what appears to be a triangle. With price action already so close to the triangle apex, a breakout is imminent, but it will not be of much significance by itself. Let's see what other technical clues we will need. Bitcoin (BTCUSD) 24/2/2015 Daily Chart. The daily chart shows that since price tagged 300, bearish candles have dominated. In fact, last Friday's bearish candle combined with the previous 4 daily....
Bitcoin has been consolidating since falling to a low of 166.45. After popping up above 300 briefly, it has been consolidating in February. Bitcoin (BTCUSD) 4H Chart 25/2/2015. In February, bitcoin made another push after failing to clear below 210 several times as we can see in the 4H chart above. Here are some other observations: 1) Price has rallied and held above the 200-, 100-, and 50-period simple moving averages (SMAs). This usually reflects bullish bias, but we can see that this bias is young because price only recently came up above the SMAs. Still, the fact that the cluster of....
Following the over-the-counter (OTC) firm’s Twitter thread on June 14, Cumberland explained on July 5 that “rangebound price action belies a volatile picture below the surface,” while crypto markets consolidated during the past week. Cumberland stressed there’s a growing number of crypto companies feeling financial burdens, and “uncertainty” tied to stressed entities is “hanging over the market like a cloud.” OTC Firm Cumberland Says Markets Will Return to a Healthy State Once Distressed Assets Are Transferred From the....
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.