Bitcoin Price Technical Analysis for 03/09/2016 – Waiting for a Catalyst!
Bitcoin price is still lingering at the area of interest, waiting for more directional clues from this week's set of events. Earlier in the week, risk appetite was present in the markets on reports of falling US oil rig counts and declining production estimates. However, risk aversion returned yesterday when the American Petroleum Institute report indicated a buildup of 4.4 million barrels in stockpiles. To top it off, the Chinese trade balance reflected weakening demand, as both imports and exports posted double-digit declines. The US Energy Information Administration report is still due....
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Potcoin Price Key Highlights. Potcoin price continued to trade inside a flag pattern as highlighted in one of the recent technical analysis. Both buyers and sellers seem to be struggling to take the price in one particular direction, which created a range inside the flag pattern. A few technical indicators are pointing towards more losses and a break below the flag pattern. Potcoin price is trading inside a range and it looks like heading towards a break, waiting for a catalyst. Break Down? As mentioned in the previous analysis, there was a sharp decline noted in the Potcoin price which....
Ethereum price after a crucial decline this past week started trading in a range, and currently waiting for a catalyst for an upside move. Key Highlights. ETH price remained below the $12.00 resistance over the weekend against the US Dollar. There is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which can act as a major barrier for the buyers. The pair is also below the 100 hourly simple moving average, and struggling to break it. Ethereum Price Barrier. ETH faced a lot of heat this past week versus the US dollar, and it traded as low as $11.73 where....
Bitcoin price might be able to break below the channel support if dollar demand picks up in the latter sessions. Bitcoin Price Key Highlights. Bitcoin price is still stuck inside the ascending channel pattern on the 4-hour time frame and still hovering around support. Price has been consolidating above the $450 level for quite some time, as bears are trying to find more energy for a downside break. The FOMC minutes failed to spur dollar demand strong enough for a downside break, leaving bitcoin traders waiting for the next big catalyst. Technical Indicators Signals. The 100 SMA is still....
Bitcoin price is sustaining its climb but there are technical signals hinting at a possible selloff. Bitcoin Price Key Highlights. Bitcoin price is still trending higher, moving inside an ascending channel pattern on its 1-hour chart. Price is cruising around the mid-channel area of interest, as buyers and sellers are likely waiting for more directional market clues. Technical indicators seem to be suggesting that a reversal is imminent, though. Technical Indicators Signals. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. Also, the gap....
Bitcoin price could be due for either a bounce or a break of the channel resistance, depending how the top-tier catalysts today turn out. Traders are waiting for Fed Chairperson Janet Yellen's testimony today, as this might contain clues on when the Fed's next rate hike might be. Bitcoin price has been slowly trending lower on the short-term time frames, with a descending channel connecting the latest highs and lows of price action since last week. Price is currently testing the top of the channel which lines up with the 100 SMA dynamic resistance. Technical indicators are showing mixed....