Bitcoin Price Decline Continues: Live Trade On!
Earlier this morning, in our twice daily bitcoin price watch piece, we discussed the key levels that we would be watching as the European session matured. The session is now drawing to a close, and we are likely going to see plenty of volatility tonight, given the movement we saw today. Action overnight in Europe (trading day in Asia) has given us some sharp momentum over the last few weeks, primarily as a result of the trading volume we get out of China. We will soon be launching the NewsBTC Live Trading Room - and the Asian session is likely going to play a big part in our strategy in....
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Shortly before European markets closed for the day on Tuesday, we published a piece highlighting the day's action in the bitcoin price and offering up our suggestions for what would become the levels to keep an eye on as we headed into the evening (GMT) and beyond. The bitcoin price collapsed throughout the day, marking the third considerable decline in as many days, and our primary bias was - reluctantly - a bearish one. Action throughout the night has validated this bias, and further decline now brings us to trade just ahead of 236 flat - a level we have not seen since the end of....
Bitcoin price slipped over the edge during weekend trade. Analysis looks at the basic chart indications and potential decline targets. The 4-hour Bistamp chart shows that the market sold price straight through $640 support, from where price has been slowly selling-off toward $600 and 4000 CNY. Although 4hr MACD signals Sunday morning’s decline (magenta circle), the stochastics (top panel) are grouping at their minimum, while RSI has achieved a previous lower low (horizontal blue annotation). The stochastic and RSI indications imply that price may need to correct when decline to $600 has....
Today's action in the bitcoin price has - once again - brought with it some surprising momentum. We started off the day down and expected to get some sort of correction. In light of this expectation, we teed up our key levels and put our breakout strategy to work. Action has now matured throughout the day, and as we head into a fresh Asian session this evening, what are we looking at, and where will we look to get in and out of the markets if the volatility continues? Further, what did today's action bring us as far as getting into a live trade was concerned? Take a quick look at the....
Bitcoin price is creeping toward the edge of a precipice, but the question is: will decline make it to below the local support floor? Price continues conforming to our expectation of decline. Potentially, decline could target $320 and 2100 CNY, as per the pending abt.social trade recommendation. Since we do not, at this stage, know if price will sell through the support floor, we have to strategise and control trading risk. The circular trendlines (visible to xbt.social members) are not accurately “fitted” at this time, but a sharp drop will certainly confirm their influence, since price....
Bitcoin price continues labored decline. Optimistic buying intermittently pulls price to lower highs while the technical indications in favor of additional decline are compounding. The most recent lower high had formed reverse divergence in RSI (magenta annotation), and we can expect another wave down today. Bitcoin price decline continues with effort. For now we observe the price reaction at the 1hr 200MA (blue circle). The next reaction level is the up-sloping support line. If price breaks below this line, then the primary target is $404 (at the purple circle) and a secondary target at....