Bitcoin Price Technical Analysis for 30/7/2015 - Bulls Giving Up?
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....
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Bitcoin is seeing a tepid start to this week as neither the bulls nor the bears exert any pressure on the other. The cryptocurrency looks relatively calm in the low-volume season, as do the technical indicators. Market participants should refrain from excessive trading in such conditions. Bitcoin is currently trading at $421.53. The technical indicators overlaid on the 4-h BTC-USD price chart from BITSTAMP are giving mixed signals. This, coupled with the lackluster price action, is compelling me to advise that this is a no-trade market, and one should wait for better opportunities to....
In the past 24 hours, Litecoin price has swung from a low of $1.60 (my target achieved) to a high of $1.82, before giving up most of its gain to be trading at $1.71. In my yesterday's analysis titled Weak Stance, I advised against shorting the cryptocurrency at lower levels and to sell only on a rise. Litecoin may have derived its volatility from the turmoil in Bitcoin. But, it has also established a short-term trading range; with $1.60 as the floor and $1.82 as the ceiling (marked in the price chart below). In one of those rare disconnects from Bitcoin, Litecoin is trying to push its way....
I had expected a stronger reaction in the Bitcoin markets after the Greek parliament bailout voting results. However, even as Greece's parliament approves austerity measures, Bitcoin's calmness is very intriguing. From yesterday's price observation of $288.89, Bitcoin has edged up marginally to $289.97. Technical analysis of the daily BTC-USD price chart conveys that even though the bulls have the upper hand now, they must not fritter away the advantage. Bitcoin Chart Structure - A closer look at the last 3 candles would help us to gather that the bulls are giving away the achieved gains....
Bitcoin prices have dropped more than 4% after it became official that Greece would receive funding from both the ECB and the EU and that the Greek banks will open from Monday. In my previous analysis titled Awkward Calmness, I mentioned that a major move was expected in the Bitcoin market and I think now might be a good time for that. Bitcoin is currently trading down 4.18% at $277.84. Technical analysis of the Daily BTC-USD price chart above confirms that the market has reached the support level and buying can be initiated but strict stop-loss should be put in place. Bitcoin Chart....
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....