Bitcoin Price Technical Analysis for 7/9/2015 - Exit on Further Gains
As mentioned in the previous Bitcoin price technical analysis, Afloat, But For How Long?, the remarkable work done by the bulls to defend their crucial weekly support of $220-225 has finally paid off during this weekend as Bitcoin price surged 5.29 percent to $241.01. During the latest price move, Bitcoin also crossed a near-term resistance which had kept it subdued for several sessions. But let us now discuss the price targets, the supports and the resistances. Bitcoin Chart Structure - Since August 19th, Bitcoin had been trading with its upside capped near $235 (we discussed this....
Related News
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 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....
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....
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....
The digital currency Bitcoin has jumped sharply from the lows of $250 registered on March 18 to $268.52 today. In my previous Bitcoin analysis Troubled Waters, I mentioned a possibility of the cryptocurrency surging towards $280 if it broke above $265. The resistance level has been taken out and retested thrice to stamp it as a support level, at least for the short term. Although I still believe that Bitcoin will hit $230 in the medium term, a rise may be witnessed in the near term, which could be used as an opportunity to exit the long positions or create fresh shorts. An analysis of the....