Bitcoin Price Technical Analysis for 12/8/2015 - Exit, if Price Rises Further
Bitcoin price rose 2 percent to cross the $270-mark. I discussed in my previous Bitcoin price analysis titled Time to buy some that the cryptocurrency could stage a small comeback rally as technical factors played out. Bitcoin price touched an intraday high of $271.50 and is now trading at $270.22. Technical analysis of the daily BTC-USD price chart states that market participants should exit their long trades if the price were to rise further to $275-277. Bitcoin Chart Structure - The support of the descending triangle will now act as the resistance for Bitcoin. The downward sloping....
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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....
Bulls have faltered in their upward march and given to the bears an opportunity to gain control. As a result, technically important support levels have been breached which could lead to more losses in the value of Litecoin. In my previous analysis, From Resistance to Support!, I did mention that all the long positions must be built with strict stop-losses. Since the supports have been breached, a lot of long positions may have been squared. Litecoin is down 1.66% to $1.771 since yesterday. Technical analysis of the 240-minute LTC/USD price chart reveals that market participants should look....
Litecoin bulls seem to be facing a strong supply pressure near $1.80. Even though the price has rebounded from a six-week low of $1.60 to the current $1.79, I still believe that this is a seller's market, and that rallies should be used to exit long positions and initiate fresh shorting. As can be seen, I have used a 240-minute LTC/USD price chart and applied multiple technical indicators as well as marked key technical resistance levels. Interestingly, they all point to one thing: Exit on Rise. Technical Resistances: Litecoin is now struggling near Resistance Line 1 (marked above). The....
Bitcoin price continued rising today and the market's buying power pushed the price up to a high of $258.92. At the time of my writing of this analysis, bitcoin price is testing the $256 resistance level. By studying the 1 hour Bitfinex (BTC/USD) chart fromtradingview.com and drawing a horizontal line across the $256 resistance/support level (look at the below chart), we can notice that on the 26th of January 2015, bitcoin price exceeded $300. We can also note that the price didn't face any support all through the way from $300 down to $256. Oppositely, as bitcoin rises above $256, it will....
Bitcoin ended the previous week on an extremely strong note even as the Greece crisis looms. Since our last discussion Hanging by a Thread, the price has jumped 3.47% to $250.15. A major contribution to Bitcoin's price rise could be of speculators, who are lifting the price higher in the anticipation that a Grexit could result in the adoption of Bitcoin as the Greece's new official currency. So, can Bitcoin head higher or is $250 to big a hurdle to cross? Let us find out via the technical analysis of the 240-minute BTC-USD price chart. Bitcoin Chart Structure - As reports became clear that....