Bitcoin Price Technical Analysis for 21/12/2015 - Post-FOMC Correction Over?
Bitcoin Price Key Highlights. As predicted in an earlier article, bitcoin price was hit by profit-taking during the FOMC statement, as the US central bank decided to hike interest rates for the first time in nearly a decade. Price is now testing the rising trend line visible on the 1-hour and 4-hour time frames and may be due for a bounce. Reversal Pattern? The 100 SMA is still above the longer-term 200 SMA, which means that the path of least resistance is to the upside. However, a downward crossover is looming so a reversal could also be possible if that happens. In addition, a complex....
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Earlier today we published a technical analysis piece detailing the upward sloping channel through which the bitcoin price was travelling. We highlighted the fact that - from resistance around 248 - we may see a temporary correction, and that this correction would likely halt at the support offered up by the aforementioned channel. Today's action has validated this analysis, and - with the correction over - we've now returned to the upside bias on the intraday level. So what are the levels to keep an eye on to the upside as we head into the US afternoon session and beyond? Take another....
Bitcoin Price Key Highlights Bitcoin's price is regaining ground after its sharp pullback to the 100 Simple Moving Average earlier on this week. Using the Fibonacci extension levels on the latest correction move suggests that the Bitcoin price might even exceed its yearly highs if bulls stay in control. Bitcoin's price could aim for the next Fibonacci extension levels on its current rally, although market event risks could pose challenges. USD Action on FOMC Statement. The upcoming FOMC statement is slated to be a major event risk for the US dollar, and its reaction to the announcement....
Bitcoin price could keep up its pattern of weekend breakouts unless the FOMC statement results to a strong surge in dollar demand. Bitcoin Price Key Highlights. Bitcoin price is stuck in consolidation once more, following a strong upside breakout last week. Looking back at the previous breakouts shows that it occurs towards the end of the week and sustains its momentum until Monday. Upcoming event risks could keep this schedule in play, although the upcoming FOMC statement could make the situation more complex. Technical Indicators Signals. The 100 SMA is above the 200 SMA so the path of....
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....