Bitcoin Price Technical Analysis for 05/24/2016 – Retracement Opportunity!
Bitcoin price could be ready to resume its drop if the nearby resistance levels are able to keep gains in check. Bitcoin Price Key Highlights. Bitcoin price recently made a strong downside break, signaling that bears are taking control. Price is making a short-term pullback to the broken near-term support, offering an opportunity for more sellers to hop in. Bitcoin is testing the area of interest at the $448-450 area, which might hold as resistance. Technical Indicators Signals. The 100 SMA is above the 200 SMA for now but the moving averages have inched close together, indicating that a....
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Bitcoin has risen more than 1% since yesterday as short sellers book partial profits near the bulls' mansion. However, this advance is not a reversal but rather an opportunity to create fresh short positions in the cryptocurrency. Bitcoin is now valued at $225.46. Below has been presented the latest technical considerations derived from the 240-minute BTC-USD price chart. Bitcoin Chart Structure - After taking support from near $220-levels, Bitcoin rallied to $226.48 but struggled as the price approached May's low of $227. In technical analysis, a breached low acts as a new resistance.....
Bitcoin price might be in for a pullback opportunity to these inflection points before resuming its climb. Bitcoin Price Key Highlights. Bitcoin price recently made a strong rally and zooming in to the 1-hour chart shows potential correction levels. A bullish flag pattern can be seen on the longer-term time frames but it looks like buyers would need to wait for a pullback. Technical indicators are showing mixed signals at the moment, which suggests a possible short-term retracement on the ongoing uptrend. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on the....
Bitcoin price appears to be pulling up from its post-Brexit surge but the short-term uptrend could remain intact. Bitcoin Price Technical Analysis. Bitcoin price made a strong surge on Friday as the UK voted to exit the EU. This could mean an extended period of uncertainty in the financial markets, lending more support for alternative assets like bitcoin. Price appears to be drawing support from the 50% Fibonacci retracement level on the 1-hour time frame and a rising trend line can be drawn to connect the lows since June 22. Technical Indicators Signals. The 100 SMA is below the 200 SMA....
In my yesterday's analysis, Trapped Again, I had mentioned that a breakdown below the $280-mark could lead to a free-fall in the Bitcoin price. Bitcoin cracked below $280 and is now roughly worth $250. The sudden collapse might have taken many by surprise, but the technical indicators were foretelling this. Now, the same indicators and the reformed chart structure are revealing some very noteworthy details. Bollinger Bands - The crash in Bitcoin price has severely stretched the Bollinger Bands on the lower end, which implies that a temporary support might set in soon. Fibonacci Retracement....
Bitcoin price rose 2 percent to cross the $270-mark. I discussed in my previous Bitcoin price analysis titled Time to buy some that the cryptocurrency could stage a small comeback rally as technical factors played out. Bitcoin price touched an intraday high of $271.50 and is now trading at $270.22. Technical analysis of the daily BTC-USD price chart states that market participants should exit their long trades if the price were to rise further to $275-277. Bitcoin Chart Structure - The support of the descending triangle will now act as the resistance for Bitcoin. The downward sloping....