Bitcoin Price Technical Analysis for 12/14/2015 - Bulls to Stay in Control?
Bitcoin Price Key Highlights. Bitcoin's price suffered a quick selloff last week, but the uptrend line on the 4-hour time frame held. This suggests that bulls might be able to stay in control for the remainder of the year, potentially taking Bitcoin back to its yearly highs. Bitcoin prices could make it all the way up to the $500 level if bulls continue to keep pushing higher, although another sharp selloff might be possible. Potential Support Zones. With the end of the year fast approaching, profit-taking activity could take place as traders want to close out with gains. For the bulls,....
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I will resume writing a daily LTC price technical analysis starting from today, so throughout this article, I will try establishing some key resistance and support points that would help us read through the charts and detect clues that can predict future price movements. Last week, LTC price surged to exceed $4 on the 31st of October. The bullish wave started a day earlier than Bitcoin's surge and Litecoin's price rose from $3 to around $3.72 last Sunday. However, as Bitcoin's price rose above the $340 resistance level, LTC also continues to print higher highs. Bulls in Control On 1 Day....
Bitcoin is teetering yet again as bulls struggle to take the currency north of $300. The strength in the US dollar in the anticipation of the interest rate hike is also adding to their troubles. The wait to reach new highs in 2015 may get prolonged if bulls fail to up the ante soon. As can be seen from the 240-minute BTC/USD price chart above, Bitcoin at $292.86 is trading close to its two major support lines, Support Line 1 and Support Line 2. Both hold immense value in the short term as the price has marched up by retesting them several times. Unless the price crosses the two trendlines....
In my previous Bitcoin analysis, I had mentioned the possibility of the price touching $230 in the near term, and as can be seen, the virtual currency cracked roughly 1.5 percent to $231.44. However, bulls have managed to pare most of the losses, bringing the price back up to $234. With price slipping further, it only becomes necessary to revise the technical levels. An analysis of the 240-minute BTC/USD price chart has been carried out for the aforementioned purpose. Bitcoin Chart Structure - The chart above represents the slow, downward movement of the virtual currency. With steady....
Litecoin is facing pressure just like Bitcoin and has been unable to cross the major resistance level of $2.08. However, as mentioned in yesterday's analysis, it has again respected the 20-day simple moving average of $2.019, boosting investors' morale. The “Long” recommendation is based on the technical analysis done on the 240-minute LTC/Dollar price chart. Here are some noteworthy observations: Price Structure - As can be seen from the chart, the price is floating well above the support level of $1.98 and has recently reaffirmed the 20-day SMA of $2.019 as a support. Sustaining above....
Bitcoin has jumped more than 4% to $456.75 as bulls take advantage of the positive technical undertone. With this, the cyptocurrency has also met our prescribed target of $458. So, should you be booking profits now? Let us find that out with the help of technical analysis conducted on a 4-h BTC-USD price chart taken from BITSTAMP. Chart Structure – Bitcoin is now threatening to take out the Triple Top resistance near $465. The resurgent bulls look in complete control of the situation. Bollinger Bands – The cryptocurrency is sustaining above the upper range of the BB, after taking support....