Bitcoin Price Holds Long-Term Support
Bitcoin price fell through $440 (Bitstamp) and has subsequently pushed back above this initial decline target level. The market has found support but today’s retracement lacks bounce. A high concentration of bearish signals occurred at the opening of the 4-hour candle pointed out by the magenta arrow, and opened a high-leverage trade as price declined rapidly to below our xbt.social target of $440. An important condition for entry was that a 4-hour candle both opened and closed below the 200MA (red). Subsequently, MACD (panel above price) dropped below its lower Bollinger Band (while below....
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In yesterday's bitcoin price watch piece, we outlined our intraday strategy according to an altered approach. We suggested that - as a result of the relatively consistent fluctuations in the bitcoin price over the last few days, we would widen out our range a little and trade long from support and short from resistance, in an attempt to draw profit from intra range volatility. The strategy paid off and, as a result as we head into today's European session, we will incorporate the possibility for a range trade into today's plan of attack. So, with this said, here are the levels we are....
In the past few days, we advised traders to consider taking profits ~$344. It turns out that the magic number was a few dollars shy of that figure ($338). We also suggested that when the next pullback occurred we could possibly get a test of the long term support line. As I am writing these words, price has touched that support line. For now at least, that support is holding. See the 3-day chart below. As long as we do not get a close below that support line I will remain medium-term bullish. I continue to expect that the market will rise as soon as the price passes through the 2nd arc....
Ethereum has undergone a strong drop since the August highs of $490. The coin currently trades for $380, far below the aforementioned highs. Despite the strong correction, analysts are optimistic that the long-term trend remains bullish. One crypto-asset analyst noted that as long as Ethereum holds the $350 region, it could move towards $700 in the long term. The chart suggests that the prices in the vicinity of $350 are of macro importance. Namely, in […]
Bitcoin is currently undergoing a serious correction that has caused its price to see some significant losses throughout the past few days The cryptocurrency is now hovering just a hair above $30,000, with bulls struggling to support it above this level as bears take control Where it trends in the mid-term will undoubtedly depend largely on whether or not $30,000 holds as support Any major break below this level could be all that it takes […]
Earlier this morning we published our twice-daily bitcoin price watch piece, and highlighted a couple of key levels we were keeping an eye on in the bitcoin price throughout the day. Now action has matured throughout Thursday, what are the levels that we are keeping an eye on this evening, and what will we be looking for to put us either long or short in a trade? Take a quick look at the chart. As you see from the chart, action today remained relatively flat until about 12 o'clock GMT - a point at which we saw the bitcoin price pop to the upside and break through the level that we had....