Bitcoin Price Up; More Gains Today?
After yesterday's bullish action, can the bitcoin price gain further strength today or are we set for a short to medium term correction? Here's our take. Yesterday was a big day in the bitcoin space. In the wake of Hearn’s damning essay at the end of last week, the bitcoin price staged one of its sharpest declines of the year, and bottomed out around $350 flat – a level not seen since the beginning of December last year. A couple of days of consolidation, during which the bitcoin price traded essentially flat between a very tight range, brought us to yesterday afternoon. Across this period....
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The XRP price is down today after seeing an encouraging start to the week. This decline has now seen the altcoin wipe out the vast majority of its gains from Ripple’s triumph over the United States Securities and Exchange Commission (SEC) back in July. So the question now is, what is driving the XRP price […]
Anyone with a decent level of Bitcoin holding at the moment is likely to say they have had a pretty good week. From lows just ahead of $430 as the weekend closed, Bitcoin rose to highs just shy of $460 this morning-gains of around 7% in less than 48 hours. Whether these gains will continue remains to be seen; the Bitcoin price can be extremely volatile and is subject to fluctuations, meaning we could see a sharp reversal. However, whichever way price takes us next, we intend to be ready to take advantage through the incorporation of our intraday breakout strategy. So, with this said, and....
In this morning's bitcoin price watch piece, we noted the recent action we have seen in the markets - more specifically, the overarching bullish momentum. For the past week or so we have seen consistent strength in the bitcoin price, with the charts generally following this pattern: break through resistance, register some gain, trade sideways, repeat. For the most of the week the Asian session has been the catalyst behind the gains, while the European and US sessions have seen range bound action. Today, however, the action we have seen has reversed the trend, with Europe staging some....
Litecoin is accumulating more gains, pushing the price up by 3.39 percent to $3.050. Significantly higher gains can come to Litecoin, helped majorly by Bitcoin in the future sessions. But today, let us focus on what the technical indicators and the price action are suggesting. Litecoin Chart Structure - With the above-stated gains, Litecoin has taken a step closer to the downward sloping Resistance (marked in the chart above), which as of today, comes in at around $3.400. Moving Average - Another factor which will pressurize Litecoin as it heads upwards is the 30-day simple moving average....
So yet again we got some buying power during yesterday's European session and, just as has happened over the past few weeks, we have seen fresh upside highs carved out in the bitcoin price. At the start of today's European session, however we have seen a short term correction - with a spike down negating much of yesterday's gains. How far this correction will hold remains to be seen, but it was to be expected. Once any financial asset becomes overstretched, its not unusual for us to see some level of consolidation and - in turn - a short term sell off. So, with this said, and as we head....