Bitcoin Price Technical Analysis for 24/9/2015 - False Breakdown
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....
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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....
After repeatedly testing and staying close to the floor of $220-225, Bitcoin has decided to head higher. On its upward course, the cryptocurrency has pierced two important resistance levels discussed earlier in False Breakdown and is now trading at $233.33, up 1.29 percent. There is another case that the market participants should be aware of: a new trading range. Even as Bitcoin climbs higher, I do not see it rushing its way up. Instead, I am expecting some consolidation if it reaches $245. Take a look at the technical scenario by analyzing the daily BTC-USD price chart. Bitcoin Chart....
Key Highlights. Dogecoin price spiked down and tested the swing low of 26.5 Satoshis where buyers defended the downside. This can be seen as a false break or may be a quick move down with the data feed from HitBTC. The price is still above a major support trend line on the 30-min chart, suggesting that short-term trend is still bullish. Dogecoin price after the recent false spike may trade back higher. If there is a close above 32.0 Satoshis, then buyers may take control. Buy close to the trend line and support area? Dogecoin price fell sharply Intraday, and broke a major support trend....
I had said in the previous Bitcoin price technical analysis Can Bitcoin Survive This? with high optimism that the current price level may attract inflow to stem the decline. However, I have been proved wrong. The selling pressure is overwhelming the bulls, and a further increase may lead to a breakdown kind of situation in Bitcoin. Bitcoin is currently available at $255.47, down 0.49 percent. I had also pointed out earlier that if the bulls are thrashed in the next couple of sessions, there will be a higher probability of the price skidding to the consolidation zone near $240. I still....