Bitcoin Price Technical Analysis for 30/9/2015 - Mild Choppiness
The choppiness in the Bitcoin market is testing the patience and the wit of the trading community. While many traders are still hopeful of Bitcoin reaching $245, fears are beginning to gain ground that this choppiness is unhealthy and may derail the ongoing bullish attempt. Yesterday, as Bitcoin struggled to safeguard the accumulated gains, the price dropped to $235 in quick time. Even now, Bitcoin is trading lower at $237.60. In yesterday's price analysis Sluggish on the Upside, we discussed how the technical indications had improved substantially for the cryptocurrency, and today, we....
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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....
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....
Bitcoin briefly topped $250 for the first time since August 19, 2015, hitting a fresh monthly high of $250.09. We concluded the previous Bitcoin price technical analysis Retreats From Monthly Highs on a positive note saying that market participants should not be concerned about the drop and instead go long in Bitcoin near $242 for a target of $250. As can be seen, Bitcoin hit an intraday low of $242.82 before meeting the said target. Bitcoin is currently trading at $248.81, up 1.92 percent. And yes, we stand by our long call! bitcoin price chart. Below are the latest technical....
Bitcoin Chart Analysis reveals that the market is at a critical juncture with regards to trend. Weekend trade wound sideways in a narrow range, but all the time approaching the long-term rising trendline that has supported price on three occasions during the past ten weeks. With the Silk Road wallet auction passing as just another day in the Bitcoin diary, and having failed to produce the fever-pitched melodrama that market participants seem to need in order to spur them in a direction, price had dropped away from its anticipatory high near $660 (Bitstamp). Is the market seeking out that....