Bitcoin Price Technical Analysis for 23/7/2015 - Deafening Silence
It has been six consecutive days since Bitcoin took a wide swing on either side. The price has been trapped inside a narrow of $273-283. Bitcoin is currently trading up 0.70% at $277.94. One thing that has happened for the bulls is that the technical indications have improved, but only very slightly. Among these, the Momentum reading which has been a strong reason to worry has shown a tremendous appreciation. Take a look at the technical observations drawn from the daily BTC-USD price chart below. Bitcoin Chart Structure - Consolidation in the cryptocurrency enters the seventh day as....
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In a very recent analysis titled Deafening Silence, I had advised the market participants to create fresh positions only near the marked support and resistance levels. I had also explicitly stated that a close above $280 could be a sign that Bitcoin is preparing for its next leg of the rally. And since Friday, we have achieved both of these things: above $280, the price has soared to hit an intraday high of $294.35, and it can be seen struggling near the upward sloping resistance. From our Friday's observation, the price has surged by $16.3 or 5.90% to be trading at $292.79. Technically,....
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.
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....
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 briefly topped $250 for the first time since August 19, 2015, hitting a fresh monthly high of $250.09. We concluded the previous Bitcoin price technical analysis Retreats From Monthly Highs on a positive note saying that market participants should not be concerned about the drop and instead go long in Bitcoin near $242 for a target of $250. As can be seen, Bitcoin hit an intraday low of $242.82 before meeting the said target. Bitcoin is currently trading at $248.81, up 1.92 percent. And yes, we stand by our long call! bitcoin price chart. Below are the latest technical....