Bitcoin Price Technical Analysis for 04/04/2016 – Slow Crawl!
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....
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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....
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.....
Bitcoin remains at the same price level from last week, reinforcing the $600 support area for the entire new cycle. Meanwhile, technical analysis indicates that bullish consensus is getting stronger, increasing the likelihood of a rally from $650 to $820. 5th Elliott Wave forecasting, based on Fibonacci numbers, could be calculated to the technical objective around the $820 area, where several theories point to the delayed next stage. From there, a technical correction should send prices back to $700, giving stragglers a second chance to recalculate their strategies to join. After another....
Bitcoin price is reattempting a move higher but the progress is slow and both technical and sentiment analysis shows a bearish mood in the chart. Yesterday’s technical analysis concluded that the outlook for bitcoin price is bearish while it fails to break above the prevailing resistance ceiling (blue down-sloping line in the chart). Ongoing analysis is informed by the position of price in relaiton to this ceiling: if the market can successfully trade price above it, we can expect continuing advance. As long as price remains below it, we can expect another series of lower lows. Mood....
Bitcoin price could be due for a test of the ascending channel resistance visible on its 1-hour time frame. Bitcoin Price Key Highlights. Bitcoin price recently sold off but found support around the $650 area as predicted in an earlier article. This was in line with the 200 SMA, which held as a dynamic support level. Bullish pressure seems to be building up again as an ascending channel is forming. Technical Indicators Signals. Bitcoin price made a quick spike on its test of the channel support, indicating that buyers are putting up a fight and ready to push price back up to the top of the....