Bitcoin Price Technical Analysis for 06/01/2016 – Breakout Correction Underway
Bitcoin price could pull back as low as the broken triangle resistance before resuming its climb, as technical indicators are hinting at a quick selloff. Bitcoin Price Key Highlights. Bitcoin price appears to be taking a break from its sharp climb, offering buyers an opportunity to catch the uptrend on a pullback. Bitcoin recently broke out of a symmetrical triangle formation and has surged past the previous year highs at $500. Price peaked at $600 before showing signs of a correction. Technical Indicators Signals. The 100 SMA is above the 200 SMA for now, confirming that the longer-term....
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Dogecoin Price Key Highlights. Dogecoin price has been trading below a long-term descending trend line for quite some time, but reversal signals are showing up. Price made a sharp upside breakout, hinting that the downtrend might already be over and that it's time for buyers to take charge. Dogecoin price could be in for more gains, as it made a convincing breakout from the descending trend line connecting its latest highs. Waiting for Technical Confirmation. Technical indicators have yet to confirm the dogecoin price rally since the 100 SMA remains below the 200 SMA for now. This suggests....
Bitcoin Price advance had slowed down to a crawl. The week-long sideways movement in the chart showed signs of turning back down. Then the widely anticipated breakout. Some analysts argue that an advancing rally is underway. The chart technical argue otherwise. CCN Director's Note: The Bitcoin price now seems to be on the rise. This article was written before the sudden price jump of more than 20 USD. Takeaway. Price has broken through a 5 month declining trendline. The expectation is that a breach of this trendline is the start of an accelerating rally. Considering Bitcoin's historic....
Bitcoin price showed bearish momentum but sellers might need to make a correction before taking it lower. Technical indicators are giving mixed signals for now. Using the Fib tool on the latest breakout move shows that the 38.2% correction level lines up with a broken short-term support around $373. the 61.8% Fib is close to the 200 SMA, which typically acts as a dynamic resistance level. However, the 100 SMA is still above the 200 SMA so the path of least resistance might be to the upside and bitcoin price could go for another round of gains. A downward crossover appears to be brewing....
Bitcoin price made a strong upside breakout on Friday and could be in for a larger climb after a bit of correction. Bitcoin Price Key Highlights. Bitcoin price made a strong breakout from the $500 yearly highs, indicating its potential to keep the bullish run going. Zooming out to the longer-term weekly chart shows the next possible resistance levels. However, technical indicators are hinting that buyers are feeling exhausted and that a correction might be due. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on the weekly chart so the path of least resistance is....
Bitcoin price could be due for a strong break out of its consolidation pattern, but traders still seem to be undecided which way to push. Bitcoin Price Technical Analysis. Bitcoin price is still stuck in its consolidation pattern visible on the 4-hour time frame. Price is already at the peak of the symmetrical triangle formation, which means that a breakout could take place anytime now. Technical indicators and market sentiment appear to be hinting at a downside break. Technical Indicators Signals. The 100 SMA is below the 200 SMA so the path of least resistance is to the downside. A....