Bitcoin Price Technical Analysis for 29/6/2015 - Weekend Gains!
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....
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As mentioned in the previous Bitcoin price technical analysis, Afloat, But For How Long?, the remarkable work done by the bulls to defend their crucial weekly support of $220-225 has finally paid off during this weekend as Bitcoin price surged 5.29 percent to $241.01. During the latest price move, Bitcoin also crossed a near-term resistance which had kept it subdued for several sessions. But let us now discuss the price targets, the supports and the resistances. Bitcoin Chart Structure - Since August 19th, Bitcoin had been trading with its upside capped near $235 (we discussed this....
Following strong gains on Friday, bitcoin was consolidating under a key resistance level to start the weekend. Bulls opted to secure gains as price uncertainty heightened in crypto markets, which as of writing are down 1% on the day. Ethereum was also marginally lower in the session. Bitcoin After strong gains on Friday, bitcoin (BTC) was trading marginally lower on Saturday, as prices fell below a key resistance point. Following yesterday’s high of $24,294.79, which saw prices briefly breakout of the ceiling at $24,200, BTC/USD dropped to a low of $23,481.17 earlier in the day.....
I think that Litecoin has taken offence from my last analysis As Flat As It Gets and surged over 20% during the weekend to cross the overhead resistance. Litecoin is now trading up $0.839 or 22.45% at $4.575, thanks to a nearly 6% rise in Bitcoin. Even with technical indicators remaining bearish, Litecoin surged during the weekend helped by a rise in the leading cryptocurrency Bitcoin. It has been following Bitcoin since the dramatic fall (see the big red candle in the chart above), replicating its every move. Even now, Litecoin has halted its upmove as Bitcoin has hit a resistance.....
In the previous Bitcoin price technical analysis Rebounds, we discussed how the cryptocurrency was erasing the losses for the past week. But, the entire positivity was put to rest over the weekend as bears made a comeback and long positions were fast liquidated at the slightest hint of a pullback. Bitcoin, which is now trading at $227.93, has once again come closer to its important buying interest zone of $220-225. As the price decline has pushed the price closer to its crucial support, market participants may also be factoring in a breach of support this time, but I would recommend....
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....