Bitcoin Price Technical Analysis for 6/8/2015 - Breakdown Coming?
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....
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We had discussed in the previous Bitcoin price analysis Breakdown Coming? that Bitcoin is expected to breach the floor of the descending triangle, and according to the latest price action and the technical indications, the probability of that happening has increased significantly. Bitcoin is currently trading down 1.41% at $277.10. Technically, both the price action and the technical indicators have turned extremely bearish for Bitcoin, implying that more pain is coming for the cryptocurrency. Bitcoin Chart Structure - With the latest decline, Bitcoin has slumped to a new weekly low of....
In what appears to be the first conclusive sign of an upcoming breakdown, Bitcoin ended yesterday's trading session at the lowest closing for September-to-date. And currently, Bitcoin seems to be staging a fake pullback to entice more market participants to go long without reading too much into the breakdown. Bitcoin is currently trading at $227.92 and the resistance is now at $228.60. In the previous Bitcoin price technical analysis A Disappointing End to the Week!, we discussed how the technical indicators were reflecting the bearish sentiments in Bitcoin, and today, we are going to....
Litecoin is currently down 1.38 percent at $2.781 as the Bitcoin market registers a breakdown. As mentioned in the previous Litecoin price technical analysis No Trading Zone, market participants have their eyes now set on $2.700, the level which had acted as a support in the past. And further weakness in the Bitcoin market may lead to a breakdown kind of situation in Litecoin as well. Here are the latest technical points from the daily LTC-USD price chart. Litecoin Chart Structure - As can be seen, Litecoin remains capped under the influence of the 30-day simple moving average, the current....
In my previous Bitcoin price technical analysis First Conclusive Sign of Breakdown?, we discussed how the cryptocurrency was being pressured below its near-term support but also advised the market participants to wait for a close below $220 for a more reliable confirmation. As can be seen, even though Bitcoin closed below its support level, it did not violate the strong floor provided by $220 and has instead jumped up to $230.36. And this is not the end of it. The cryptocurrency has managed to cross two major trendline hurdles and is making repeated attempts to head higher. Let us discuss....
It seems that the big negatives I mentioned in my previous analysis are coming into play, and well. Since yesterday, Litecoin has crashed in excess of 12% and is now trading at $3.980. If Litecoin fails to recover these losses and closes today's session below the strong support of $4.100, we may see a huge decline of 25% in the coming sessions. And I strongly believe that we will see lower levels. Let's take a look at the technical analysis of the daily LTC-USD price chart above. Litecoin Chart Structure - Litecoin had been consolidating above the support level for a considerable time,....