Bitcoin Price Technical Analysis for 21/7/2015 - Wide Divergences
Bitcoin has risen 1.3% or $3.6 since yesterday as bulls finally make an attempt to approach the resistance. This is somewhat encouraging given that the Greek banks were opened yesterday and citizens were allowed to withdraw their Euros. Maybe the market is expecting the Greeks to convert their withdrawn Euros into Bitcoin for capital preservation purposes. Currently trading at $279.69, Bitcoin offers low-risk trading opportunities to the market participants. But before we get to that, please take note of the wide divergence between the price action and the technical indicators. Bitcoin....
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In my previous analysis titled Wide Divergences, I had pointed out some eerie disconnects between the Bitcoin price action and the technical indications. It is highly possible that the price eased a little in order to properly reflect the underlying technical considerations. Bitcoin is currently trading down 1.32% at $275.99. However, I am very concerned about the incessant crash in the momentum reading, which is worsening by the day. A decline in the momentum value in flat trading cannot bode well for the long holders. Read below the technical observations of the daily BTC-USD price....
Bitcoin has started this week on a very strong note as it raced higher to $247.53, on course to its highest closing in over a month. In the previous Bitcoin price technical analysis Mixed Technicals, we discussed how a couple of technical indicators were showing divergences from the other two. Well, currently, all of them are displaying much stronger readings. Bitcoin is trading at $247.53, after hitting a monthly high of $248.50. Even though Bitcoin is in a strong uptrend, let us review the latest technical indications to look for factors that may hamper the bullish mood. Bitcoin Chart....
The choppiness in the Bitcoin market is testing the patience and the wit of the trading community. While many traders are still hopeful of Bitcoin reaching $245, fears are beginning to gain ground that this choppiness is unhealthy and may derail the ongoing bullish attempt. Yesterday, as Bitcoin struggled to safeguard the accumulated gains, the price dropped to $235 in quick time. Even now, Bitcoin is trading lower at $237.60. In yesterday's price analysis Sluggish on the Upside, we discussed how the technical indications had improved substantially for the cryptocurrency, and today, we....
Bitcoin over the weekend was seen trading below its critical price support as broader market weakness continues. Traders’ confidence in the asset has remained quite low considering the selling pressure in the market. The prices have currently plummeted owing to the news of the Federal Reserve hiking its interest rates. Bitcoin has also displayed profit booking on charts. This could be the reason why prices are falling further. If the asset fails to remain above the $38,000 price level, a short-term downslide could occur. Bitcoin is currently trading in bearish sentiment, however,....
The heading of this article must have offended Bitcoin fanatics and enthusiasts who have made money on this bull run and are being tempted into believing that the next price target will be $400 or $500. While I do not deny the possibility that Bitcoin may cross these levels, I wish to advise caution to all the Bitcoin longs that things may turn ugly very soon. The traders may benefit by exiting all their long positions and building fresh short positions. What's my basis for being a contrarian in this bull market? Four major technical considerations are telling that the cryptocurrency is....