Bitcoin Price Technical Analysis for 22/12/2015 - A Rebound May Be Possible
Bitcoin has been struggling for the past couple of weeks as longs continue to book profits at higher levels near $465. This also makes sense given that the cryptocurrency is overbought from a weekly perspective. Bitcoin is currently trading at $439.71. But, near-term long holders who could not get out near the tops may get another opportunity as a small bounce-back looks imminent. Below are the reasons why I believe so. Image. Technical analysis of the 4-h BTC-USD price chart reveals some interesting points. Support from 100 4-h SMA - The 100 4-h simple moving average of $433 is expected....
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In my yesterday's analysis, Trapped Again, I had mentioned that a breakdown below the $280-mark could lead to a free-fall in the Bitcoin price. Bitcoin cracked below $280 and is now roughly worth $250. The sudden collapse might have taken many by surprise, but the technical indicators were foretelling this. Now, the same indicators and the reformed chart structure are revealing some very noteworthy details. Bollinger Bands - The crash in Bitcoin price has severely stretched the Bollinger Bands on the lower end, which implies that a temporary support might set in soon. Fibonacci Retracement....
Just as we discussed in the previous Bitcoin price technical analysis that the US Federal Reserve raising the interest rates will put pressure on the BTC-USD pair, the inaction on part of the central bank has buoyed the pair. BTC/USD is currently trading up roughly 2 percent at $232.72. The US Fed has decided to hold rates steady citing global economy worries. Fed Chair Janet Yellen said developments in a tightly linked global economy had in effect forced the U. S. central bank's hand. The Fed Rebound - the rebound in Bitcoin price due to Fed - doesn't change the technical picture much but....
Litecoin is trading 0.31% or $0.014 down at $4.536 as selling pressure increases. While the price sustains above the support provided by $4.100, it may seem that a base may have been hit, but before establishing that we must take into consideration what the technical indicators are conveying. And I think they are pointing towards what was discussed in my previous analysis titled This May Turn Real Ugly! Litecoin Chart Structure - Litecoin has been repeatedly testing the support line but has failed at achieving a higher high on the rebound. The cryptocurrency is witnessing what is aptly....
In the previous Bitcoin price analysis, we had concluded that Bitcoin is going through a healthy correction and market participants should use it as an opportunity to create light long positions by placing a stop-loss below the support of $235. As can be seen, Bitcoin has rebounded swiftly after retesting the support line and this may initiate the second leg of the rebound. The target for the upside is $260. Take a look at the latest technical factors keeping the cryptocurrency afloat. Bitcoin Chart Structure - Currently trading at $240.70, Bitcoin is only slightly up from yesterday's....
Litecoin has dropped 6.47 percent to trade at $2.733 as the underlying negativity comes to the fore. We discussed in the previous Litecoin price technical analysis The Pressure is Evident that there is a very low probability of the price trending higher and that bears may make an early comeback. This decline has also brought the price closer to its very important technical support of the 200-day simple moving average (SMA). The question that the trading community is now asking is: will this level cushion Litecoin once again? I continue to remain bearish on Bitcoin as well, which I believe....