Bitcoin Price Technical Analysis for 06/10/2016 – Head and Shoulders in the Making?
Bitcoin price might be in for a larger drop based on the short-term reversal formation but technical indicators are giving a different signal. Bitcoin Price Key Highlights. Bitcoin price seems to be having trouble sustaining its climb, as it started forming lower highs so far this week. A head and shoulders pattern seems to be forming, indicating a potential reversal if price breaks below the neckline around $570. If that happens, bitcoin price could drop to the next visible support around $540. Technical Indicators Signals. The 100 SMA is above the 200 SMA so the path of least resistance....
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Key Highlights. Dash after trading lower found support around 0.0120BTC as forecasted in yesterday's post. It looks like it is forming a head and shoulders pattern, which might ignite a bearish wave in the short term. There are a few important things to note from the hourly chart of Dash, which points that if sellers gain control, more downsides are likely. Head and Shoulders Pattern. There is a monster support around 0.0120BTC, which acted as a barrier for sellers. Dash is currently moving back higher, but buyers need to be very careful as it looks like there is a chance of Head and....
Key Highlights. Litecoin price is likely forming a head and shoulders pattern on the hourly chart (price feed from Bitfinex). If the highlighted pattern is valid, then the price may break lower and head towards the all-important $3.00 support area. There is a lot of bearish pressure, as our previously stated resistance at $3.20-30 continued to act as a barrier. Litecoin price may dive sharply moving ahead, as there is a bearish pattern (head and shoulders) forming on the hourly chart. Neckline Break Near? We mentioned in yesterday's post that Litecoin price may head lower as there was a....
Bitcoin price has slumped more than 3.5% bringing the bearish Head and Shoulders pattern to near completion. Bitcoin dropped from roughly $254 to $243 which is in close proximity to the target of $241.50. With this loss, the cryptocurrency has erased all the gains for the month of April. Each Bitcoin is currently worth $244. An analysis of the 240-minute BTC/USD price chart reveals that the damage has been done and the price may consolidate or rebound in the coming sessions. Head & Shoulders Pattern - Bitcoin had been forming a Head & Shoulders pattern - a technical bearish reversal....
Bitcoin Price Key Highlights. In the previous weekly analysis, we highlighted an inverse head and shoulders pattern, which played well and acted as a catalyst for an upside move. The price is currently trading in a positive zone, as it settled above the neckline of the inverse head and shoulders pattern. Bitcoin price after trading lower and finding support around 200.00 formed an inverse head and shoulders pattern for a move higher. Inverse Head and Shoulders Pattern. This past week we stated that the 200.00 support area was a major barrier for sellers that prevented more downsides and....
Bitcoin price seems to be establishing a downtrend after confirming a reversal pattern, and technical indicators support this view. Bitcoin Price Key Highlights. Bitcoin price recently formed a head and shoulders pattern on its short-term time frames, signaling that the recent uptrend may be over. Price has broken below the neckline support, which held as resistance on the retest. This adds confirmation that further losses are possible so it’s time to look at the nearby inflection points and areas of interest for potential targets. Technical Indicators Signals. The 100 SMA is still below....