Trading Bitcoin With Technical Analysis is Tough, And Here's Why!
Many times, our readers ask why we use technical analysis for a volatile asset such as Bitcoin. There have been several instances when my price predictions based on technical analysis have gone horribly wrong. But I must admit that it is not exactly a cakewalk to anticipate the future price movements of a security which is yet to be tagged as ‘stable.’ In this article, I will discuss all the factors that deeply affect the action in Bitcoin markets, and why trading with technicals is a tough job for price analysts. China Drives the Bitcoin Market – In March 2015, Goldman Sachs revealed in a....
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Litecoin is currently trading at $4.280, down 0.88 percent as Bitcoin slides. The cryptocurrency is testing the patience of the trading community as it trades in a tight range for the fifth straight day. With most of the technical indicators remaining relatively unchanged, it is becoming incredibly tough to a call a direction. However, we know that Bitcoin as a leading trading instrument will prove to be a useful guide and therefore, that must be tracked too. Below are the latest technical considerations for the daily LTC-USD price chart. Litecoin Chart Structure - From yesterday's $4.318,....
Ethereum price has witnessed a tough time lately, the altcoin logged heavy losses over the past one week. Broader market weakness could be blamed for the coin’s current price momentum. Bitcoin slid on its chart and was trading at $21,000 at the time of writing. Other altcoin also depreciated following BTC’s price action. Over the last 24 hours, Ethereum price fell by 4%. It has been a consistent downtrend after the coin lost the $2,000 price mark. The technical outlook for Ethereum price was also bearish as sellers had taken over at the time of writing. If selling momentum....
Technical Analysis is a method for analyzing price through the study of historical data primarily focusing on price and volume specific to the market. Contrary to fundamental analysis, technical analysis is purely quantitative and does not account for a company’s intrinsic value. It utilizes previous prices and trading action to identify patterns within....
Bitcoin price has been bubbling under a strong resistance layer and with an apparent five wave impulse visible in the chart, the market is stumbling over itself trying to position for the Big One. Technical analysis reveals there is tough resistance overhead. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 14h19 UTC. Bitfinex 15-Minute Chart. Why The Preference For BTC-China Charts In Analysis? From the analysis pages of xbt.social,....
The Christmas isn’t turning out to be merry for Bitcoin. The cryptocurrency is struggling near the overhead resistance of $465. It is now trading 1.28% lower at $450.89, raising concerns that the market participants might pull out their funds in the holiday season. As a result, several technical indicators are also showing declines. We advised in the previous Bitcoin price technical analysis Target Achieved that traders should book at least partial profits in their long positions. And for today’s analysis, we will again be using the 4-h BTC-USD price chart from BITSTAMP.