Bitcoin Price Technical Analysis for 11/9/2015 - Support Retested Successfully
In the previous Bitcoin price analysis, we had concluded that Bitcoin is going through a healthy correction and market participants should use it as an opportunity to create light long positions by placing a stop-loss below the support of $235. As can be seen, Bitcoin has rebounded swiftly after retesting the support line and this may initiate the second leg of the rebound. The target for the upside is $260. Take a look at the latest technical factors keeping the cryptocurrency afloat. Bitcoin Chart Structure - Currently trading at $240.70, Bitcoin is only slightly up from yesterday's....
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Litecoin is holding up fairly well at $2.955 after Bitcoin successfully retested the important support level of $235. The cryptocurrency is up 1.65 percent but it may have entered into a range of $2.500-3.160. My view above is based on the price action and the latest technical indications drawn from the daily LTC-USD price which fail to induce much confidence. Litecoin Chart Structure - Litecoin's fall was arrested by a swift rise in the price of Bitcoin after it kissed $235. Apart from Bitcoin's contribution, Litecoin also received good support from the 9-day simple moving average of....
In my previous analysis titled Awaiting the Showdown!, I had expressed that a big move would rock the market during the weekend and there is a high probability that it may be on the upside. As we can see, Bitcoin has jumped a huge 14% to cross the $300 barrier and is comfortably trading at $307.87. Intraday, the cryptocurrency hit a fresh 7-month high of $317.99 but stopped short of registering a new high for 2015. However, today's Bitcoin price analysis would focus on whether to stay long or book some profits in the positions. Technical analysis of the Daily BTC-USD price chart indicates....
Litecoin skids 4.5 percent to $2.970 as profit booking hits the market. We had stated about the same possibility in the previous Litecoin price technical analysis Long Call Pays Off that buyers should wait for a dip now or risk losing money. The price action over the past 24 hours warrants another close examination of the daily LTC-USD price chart. Litecoin Chart Structure - As the fall accelerated, Litecoin plummeted to an intraday low of $2.910 before recovering. It must also be noted that the cryptocurrency retested the breached resistance line on the decline, and it may prove to be a....
In my prior analysis, Finally, a Breakout!, I had mentioned that Bitcoin may rise further to challenge the previous strong support level of $231. The price did advance to $230.79 followed by minor booking, which has brought the price down to $228.49. With Bitcoin unable to overcome the supply pressure near the resistance level, it becomes important to question whether it remains a buy on dips candidate or not. Let's find that out with the technical analysis of the 240-minute BTC/USD price chart below. Bitcoin Chart Structure - As can be seen from the chart above, Bitcoin first retested the....
The weekend brought pain for Bitcoin, but that was always on the cards. My Friday's Bitcoin price technical analysis Palpable Strain concluded on a bearish note saying that a close below $286 could bring in further decline, and as can be seen, the cryptocurrency did slump intraday to $276.57 before taking support from near the previous consolidation level of $275. Bitcoin is currently trading at $281.26. Now, the important question that must concern the trading community is: Is this relief from the support level for real or is it a trap? This analysis will aim to provide some answers.....