Bitcoin Price H&S; Downside On?
It’s been a strange few days in the bitcoin price space. A number of fundamental developments seem to have reversed the negative general sentiment from the beginning of last week, and the bitcoin price looks to reflect this reversal. However, a look at the charts from a technical perspective suggests there could be some medium term weakness. We’ve detailed head and shoulders pattern before, but for our readers that haven’t come across these patterns in our analysis yet, they are a pretty common classical technical charting pattern used in more traditional financial asset trading. They come....
Related News
Ethereum price weakened this past week versus the US dollar, and currently waiting for ETH/USD buyers to step in for a recovery. Key Highlights. Ethereum price traded lower against the US Dollar this past week, but remained above a major support. There is a crucial bullish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), which is acting as a support area. As long as the price is above the trend line support, there is a chance of an upside move. Ethereum Price Correction. Ethereum price ETH was seen struggling throughout this past week against the US Dollar and....
For the second of today’s bitcoin price watch analyses, we are going to kick things off with a chart. The chart below shows the action price put forward this morning, with our earlier framework overlaid. To start off then, take a quick look at the chart. As the chart shows, action went against our initial upside bias, and broke through the level we had slated as support to the downside shortly before lunchtime in the UK. After this break, a sustained downside run carried price to our downside target, pretty much directly after the break in question. While we obviously prefer upside trades....
Ethereum price was under a lot of bearish pressure against the US dollar, and currently the bulls are fighting around a major support. Key Highlights. Ethereum price declined heavily versus the US Dollar, but currently trading near a crucial support. There is a critical bullish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX), which may stop the downside going forward. The 100-day simple moving average is also on the downside to act as a support area. Ethereum Price Trend. Ethereum price ETH after staying above the $13.00 level against the US Dollar for some time,....
Bitcoin Price Key Highlights. After spending weeks sitting pretty inside a tight consolidation pattern, bitcoin price is finally getting back on its feet and showing some momentum. A downside breakout from the ascending triangle pattern and short-term pennant formation appears to be taking place. Bitcoin price could be in for more downside now that a long red candle has closed below the ascending triangle support at $330. How Low Can It Go? Bitcoin price could have its sights set on the bottom of the triangle pattern near the $300 major psychological level as its target for the selloff.....
Ethereum price once again traded lower against the US Dollar, but somehow buyers managed to protect the downside near a major support. Key Highlights. ETH price continued to rise and dip against the US Dollar, but remains supported on the downside. This week’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD once again acted as a support. The ETH bulls are fighting hard to prevent the downside move around the trend line. Ethereum Price Support. Ethereum price after trading a few points higher against the US Dollar found resistance and traded down. The....