Bitcoin Price Analysis (Week of April 24th)
A powerful upward trend following a long flat is a natural pattern. Bitcoin’s price has reached a long-term resistance line. Will that provoke a decline? Will Bitcoin continue its long-term rise? The market’s inability to turn about at the top limit of the long-term flat has provoked a powerful upward impulse. The bears have given up on their positions and Bitcoin’s price has headed towards the next key level of $445-50. There can be a rebound in the long term, given that the price is at a point where a larger cycle is usually formed. If the bulls still manage to hold the advantage, even....
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Bitcoin has stalled after a rally to 238/239 during the April 22 session. At the start of the April 23rd session, price retreated but held above 232. So far in the 1H chart, the market is still bullish in the short-term. Bitcoin (BTCUSD) 1H Chart April 24. As we start the April 24th session, we can see that price is still for the most part above the 200-, 100-, and 50-hour simple moving averages (SMAs) which are sloping up and in bullish alignment. The 1H RSi has pushed above 80 and held above 40, which shows maintenance of the bullish momentum. btcusd during most of the April 23rd session....
Bitcoin prices have more than doubled over the last year, enjoying a period of reasonable growth as the digital currency continues to establish its legitimacy. Global bitcoin prices reached an inter-day high of $470.16 on 26th April, more than 100% above the inter-day high of $219.93 reached on the same day in 2015. The digital currency has been experiencing a steady, upward climb over the last week, breaking through key price levels of $440, $450 and $460 as markets respond to the latest progress made toward addressing the blockchain block capacity dilemma. The currency surpassed $440 on....
The directions of altcoin trends have split. The only common thing that can be observed at the moment is the fact that Ethereum and Litecoin are both at their long-term resistance lines. The decline that Ethereum’s price has suffered this week was not as strong as could be expected. That can be explained by the change of trends from medium-term level to long-term one. In order to change its direction to growth, Ethereum’s price will have to break the downward trend by fortifying and forming a turn at the level of $9.3. Litecoin’s price has reached a long-term resistance line within its....
Bitcoin seemed to stabilize around Christmas Eve around December 24th, but steadily decreased to a floor around $318, going back up to $330 and plummeting down to $310. As described in my last market analysis, I predicted this movement two weeks ago. People liquidating holdings for holiday cash, as shown by the massive sell-offs today. Since the end of November, we have fallen from a price of around $380 and reached a price of $318.73 as of the time of writing. This is a 16.2% decrease in price in just a month, which averages out to a 4.05% decrease every week since the end of November. If....
After ending last week in a consolidation range, bitcoin is starting this week with a bullish breakout. Bitcoin (BTCUSD) 1H Chart April 6. There are two breakouts we can see in the 1H chart. 1) The first breakout was during the turn of the month after a few sessions of coiling. At the end of last week, price started to cross above the cluster of 200-, 100-, and 50-hour simple moving averages (SMAs). BTCUSD ended the week pushing at 256 but ended up in another consolidation for a couple of days. 2) Another breakout occurred as the weekend transitioned into the global trading week. In the 1H....