Bitcoin Price Technical Analysis for 21/8/2015 - Rebounds
Bitcoin has rebounded after taking support from the trendline discussed earlier. The price is now trading at $232.73, 1.79 percent higher than yesterday. The rebound of the past two sessions is erasing the losses for the week. As the cryptocurrency heads into the weekend, things become even more interesting as a new range is expected to trap Bitcoin. I am expecting the level of $220 to continue playing as a support while the zone of $240-242 should act as an upside barrier to Bitcoin. Technical analysis of the daily BTC-USD price chart has been presented below. Bitcoin Chart Structure -....
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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....
The gone-by weekend proved to be bearish for both Litecoin and Bitcoin. While Bitcoin suffered an approximately 2 percent decline, Litecoin too suffered a 1 percent loss. But the magnitude of the volatility in the latter overshadowed that in the former. Litecoin is presently trading at $3.943, down 0.93 percent since Friday. Things are still relatively good in Litecoin than in Bitcoin, and may become even better if Bitcoin sustains at the current level or rebounds quickly. Take a look at the latest technical considerations of the daily LTC-USD price chart below. Litecoin Chart Structure -....
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.
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....
As was expressed in Danger Looms, Litecoin witnessed a strong selloff intraday, crashing by a little more than 20%. I expected the cryptocurrency to hit $3.100 but the price reversed from $3.180. Yesterday marked the fourth straight day of losses for Litecoin. Currently, Litecoin is trading with a deep cut of 6.33% since yesterday's observation. From a technical perspective, it looks like Litecoin will continue to devalue against the US dollar and hence, rebounds should be used to go short in the counter. Litecoin Chart Structure - After breaching the crucial support of $4.100, the....