Bitcoin Price Technical Analysis for 5/8/2015 - Follow This!
Bitcoin has approached the resistance of the descending triangle after extending its mini relief rally. Bitcoin is trading at $285.63, up $1.72 or 0.60 percent. This increase in price gives the short-sellers an extremely low-risk trading opportunity. However, the technical signals aren't conveying anything decisively. Take a look at the considerations drawn from the daily BTC-USD price chart below. Bitcoin Chart Structure - Bitcoin is currently testing its downward sloping trendline. The distance between the resistance and the support continues to contract and hence, a high-volume breakout....
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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.
In my previous analysis, I had discussed that a breakout from the long-held trading range would strike Dash; what followed is that the price crumbled to lower lows and is now retesting the previous support level. Since the resistance has converged with the (broken) support, the bears are increasing their pressure. With a loss of 2.95%, Dash is trading at 0.01363BTC. Technical analysis implemented on the 360-minute DRK/BTC price chart reveals that more losses may follow in the cryptocurrency and that buyers may get the opportunity to enter Dash at much lower levels. Chart Structure - The....
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 my previous analysis titled Follow This!, I advised that market participants create short positions by placing a stop-loss just above the downward sloping resistance level for a target of $280. Since yesterday's $285.63, Bitcoin has plunged nearly 2 percent to an intraday low of $279.46 and is now trading at $281.01. Now that the price has descended to the support level, will it rebound or will it pierce the support and head even lower? Let's try to find that out with a technical analysis of the daily BTC-USD price chart. Bitcoin Chart Structure - As the gap between the resistance and....
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....