Bitcoin Weekly Price Technical Analysis - Overbought, Time For A Correction?
Now at $441, Bitcoin is close to registering the highest weekly closing of 2015. As the cryptocurrency remains in the strong grip of the bulls, speculators are creating even more bullish positions. But have they pushed Bitcoin into the danger zone? Is a correction in the offing? Let us try to predict that by conducting a technical analysis on the weekly BTC-USD price chart taken from the Bitstamp exchange. Image. Bitcoin Chart Structure. As can be seen from the chart above, Bitcoin is trading in a strong higher-top, higher-bottom structure. The cryptocurrency has breached the resistance....
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Bitcoin has failed to latch onto the weekly high of $466.64, coming down swiftly to $442.38 in a week dominated primarily by the first US interest rate hike in almost a decade. Interestingly, the cryptocurrency failed at the same level in the previous week also. As the week comes to a close on a relatively weak note, it might provide the bears with a much-needed impetus to make Bitcoin less expensive. Image. We will discuss today the weekly BTC-USD price chart from the Bitstamp exchange. The picture is very similar to what we observed in the previous weekly price technical analysis of....
Bitcoin price gave in to overbought conditions and is in the middle of a large correction to an area of interest. Bitcoin Price Key Highlights. Bitcoin appears to have hit a ceiling at the $775 mark, making a break below a short-term consolidation pattern and moving towards the nearby support. Price is now trading below the $700 mark and could head further south until $650, which is close to the 38.2% Fibonacci retracement level and a former resistance. A bounce off this correction area could allow bitcoin price to resume its climb to the recent highs and beyond. Technical Indicators....
Bitcoin price made a strong upside breakout on Friday and could be in for a larger climb after a bit of correction. Bitcoin Price Key Highlights. Bitcoin price made a strong breakout from the $500 yearly highs, indicating its potential to keep the bullish run going. Zooming out to the longer-term weekly chart shows the next possible resistance levels. However, technical indicators are hinting that buyers are feeling exhausted and that a correction might be due. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on the weekly chart so the path of least resistance is....
The Cardano price action has continued to stall below the $1 mark in light of corrections in the past seven days. This correction, which played out across the entire crypto industry, saw Cardano break below the $1 mark again on December 18%. Although the broader trend suggests a possible move on the weekly timeframe towards a new all-time high (ATH), recent technical analysis on TradingView has opened up the possibility for a continued correction towards $0.43 before another strong upward move. Current Price Movements Highlight Resistance And Cooling Period According to technical analysis....
Bitcoin continues to stay inside an overbought territory that amounts to a further downside correction.