Bitcoin Price Technical Analysis for 29/02/2016 – Slow Crawl for Bulls
Bitcoin price is gradually trading higher inside an ascending channel and might be due to test the resistance near $445. Technical indicators suggest that bitcoin price might bounce off the top of the range, as RSI is starting to turn down from the overbought zone. Stochastic still seems to be on the move up but has just landed in overbought territory, indicating that buying pressure might fade soon. In addition, the 100 SMA is below the 200 SMA, suggesting that the path of least resistance is to the downside. However, an upward crossover appears to be brewing, which could mean that the....
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Bitcoin price is slowly crawling higher with the rising channel still intact, but a downside break and reversal might be looming. The 100 SMA is below the 200 SMA for now so the path of least resistance might be to the downside. However, an upward crossover appears to be taking place to show a pickup in bullish strength. If so, bitcoin price could make a stronger attempt to rally towards the channel resistance. Stochastic is making its way down from the overbought level to show a return in bearish pressure. RSI is also heading south so bitcoin price might follow suit. In that case, price....
Bitcoin price is still keeping up its uptrend but bulls seem to be having a difficult time pushing for more gains. Bitcoin Price Key Highlights. Bitcoin price is still crawling inside its ascending channel pattern visible on the 1-hour time frame. Price seemed to make a downside break from support but the dynamic inflection points held as a floor and kept it on an uptrend. Technical indicators seem to be hinting that the climb could carry on, albeit at a slow pace. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside.....
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....
Bitcoin price could be ready to resume its climb now that this area of interest held as support. Bitcoin Price Technical Analysis. Bitcoin price recently made an upside breakout from a near-term resistance around $660. Price has found resistance at the $670 area and has since pulled back to the broken resistance, which appears to have held as support. This signals that bitcoin bulls could be ready to charge once more, although technical indicators are suggesting otherwise. Technical Indicators Signals. The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to....
Bitcoin price is retreating upon reaching its yearly highs but bulls could be ready for another push higher after this pullback. Bitcoin Price Key Highlights. Bitcoin price reached the yearly highs around $780 and profit-taking happened as predicted in the previous article. Price is now making a pullback from its recent rally and could encounter more bulls who are waiting at the next area of interest. Technical indicators are confirming that the uptrend could resume once the correction is completed. Technical Indicators Signals. The 100 SMA just crossed above the longer-term 200 SMA to....