Bitcoin Price Technical Analysis for 27/7/2015 - Bulls Struggle At Resistance
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,....
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Bitcoin has risen more than 1% since yesterday to $295.76 as bulls made another attempt at crossing the supply hurdle. As technical factors come into play, we may eventually see a decisive breach of the resistance. In the last analysis Bulls Struggle At Resistance, I had concluded that Bitcoin is a buy on dips opportunity, and as can be seen, the price did dip to $286.43 before bulls rushed in to add Bitcoin to their portfolio and took the price to an intraday high of $297.44. Looking technically at the daily BTC-USD price chart conveys that even though the price rise is still capped by....
Bitcoin witnessed fresh selling and minor profit booking as bulls failed to keep up the upbeat mood and cross the resistance level. In my previous analysis Stalled!, I had stated that if the bulls struggle for too long below the resistance, then it may eventually lead to a decline. I still maintain my view. Another pressure point is the outcome of the FOMC meeting which had Janet Yellen 'mostly optimistic' on the US economy and raised the expectations that the first interest rate hike may come in as early as September. An increase in interest rates will push demand for the greenback....
I will resume writing a daily LTC price technical analysis starting from today, so throughout this article, I will try establishing some key resistance and support points that would help us read through the charts and detect clues that can predict future price movements. Last week, LTC price surged to exceed $4 on the 31st of October. The bullish wave started a day earlier than Bitcoin's surge and Litecoin's price rose from $3 to around $3.72 last Sunday. However, as Bitcoin's price rose above the $340 resistance level, LTC also continues to print higher highs. Bulls in Control On 1 Day....
Bitcoin has crossed the crucial resistance mentioned in A Breakout Everybody's Waiting For!, rising roughly 1.54% to trade at $235.75. The price appreciation has also led to overbought valuation for Bitcoin which might face stiff resistance from the next supply region at around $238. So, should you be buying Bitcoin now or not? Let's find out in the technical analysis below! Technical analysis of the above presented 240-minute BTC/USD price chart indicates that bulls have complete control over the situation and that Bitcoin is a pure buy-on-dips play. Bitcoin Chart Structure - After....
Bitcoin seems to have stalled below the resistance we have been talking about. After a strong bullish action a day before, Bitcoin spent the day in a thin range of $292-297 and is now trading at $294.10, down $1.66 or 0.56 percent. The technical indications remain highly positive. What worries me is that, if the ongoing struggle continues for too long, then the probability of bulls winning another round reduces drastically. Take a look at the technical picture of the daily BTC-USD price chart below. Bitcoin Chart Structure - It has been 5 straight sessions that Bitcoin has traded close to....