Bitcoin Price Technical Analysis for 6/7/2015 - Massive Gains Post the Referendum
The Greeks have made themselves heard loud and clear: In landmark voting, the people of Greece have rejected the European austerity measures with results showing 61 percent voted 'No.' This leaves the fate of Greece in the hands of its creditors, who now have to take a decision on whether to keep Greece in Eurozone or not. Bitcoin continued to gain over the weekend on expectations that Greece would say 'No.' From our last observation at $256.14, Bitcoin jumped over 7% to hit a high of $274.74, a new 3-month high. A technical look at the 240-minute BTC-USD price chart conveys that Bitcoin....
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Litecoin has posted surreal gains following the Greek referendum, soaring from our last observation of $4.100 to hit a new 9-month high of $5.000 before partial profit booking dragged the price down. Litecoin is currently trading up 16.71% at $4.785 since my last observation, vastly outperforming Bitcoin. It seems that Litecoin has decided to continue to defy gravity even when it is grossly overbought. Technical analysis of the 240-minute LTC-USD price chart confirms that the cryptocurrency does not deserve your dollar at the current level. Litecoin Chart Structure - The above chart....
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....
Bullish bias is still evident in Litecoin even as the cryptocurrency fell sharply from 2.14 to 1.98. As discussed in yesterday's analysis, the recent correction in Litecoin presents to us an incredible opportunity to buy as the price structure strongly favors the bulls. Each Litecoin is currently trading at $2.05. A precise technical analysis on the 240-minute LTC/USD price chart indicates that the digital currency may have bottomed out and head higher to take out the 2015-peak eventually. Technically, Litecoin seems to be enjoying a positive undertone. Price chart and technical indicators....
Bitcoin starts July on an extremely positive note, hitting a fresh 3-month high of $268 thereby extending its rally into the third day. The gains come amid speculations that Greek people are converting their savings into Bitcoin as Grexit looms large. So does it mean that Bitcoin will face a dramatic fall if Greece is able to stay in the Eurozone post the July 5 referendum? Bitcoin has added 2.11% since yesterday to trade at $264. Technically, Bitcoin looks overvalued from a near-term perspective and after further appreciation in the market cap, it may become a shorting candidate. Bitcoin....
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....