Bitcoin Price Technical Analysis for 06/17/2016 – Signs of Rally Exhaustion?
Bitcoin price could be due for a quick selloff at this point, as profit-taking might happen ahead of the weekend and next week’s EU referendum. Bitcoin Price Key Highlights. Bitcoin price has been on a tear these days but some technical indicators are hinting at an exhaustion. Price is closing in on the $800 level, which is an area of interest visible on longer-term time frames. If a selloff is seen at the current levels, it could find nearby support at $700. Technical Indicators Signals. The 100 SMA is above the 200 SMA for now so the path of least resistance is to the upside. In....
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Bitcoin price could be in for a sharp drop if traders decide to book profits off their recent long positions. Bitcoin Price Key Highlights. Bitcoin price made a strong weekend rally as expected and is back in consolidation once more. A symmetrical triangle formation can be seen on the 1-hour time frame, indicating hesitation among both bulls and bears. Signs of rally exhaustion were seen in the past week, which suggests that profit-taking activity could happen. Technical Indicators Signals. The 100 SMA is above the 200 SMA, which means that the path of least resistance is to the upside and....
Bitcoin price seems to be set for one more push higher before the end of the year as it successfully took out the $800 barrier. Bitcoin Price Key Highlights. Bitcoin price finally made a convincing break past the $800 barrier, opening the path for further upside targets. Zooming out to the weekly time frame of bitcoin shows the next resistance levels. On a short-term perspective, bitcoin price made it up to the top of the channel illustrated in a previous article. Technical Indicators Signals. The 100 SMA is still above the longer-term 200 SMA on the weekly time frame so the path of least....
Bitcoin price could make a correction from its recent rally then resume the climb since bulls are waiting at the area of interest. Bitcoin Price Key Highlights. Bitcoin price recently broke past an area of interest around $642 then rallied to the $675 area. From there, price retreated and is showing signs of a potential pullback to the broken resistance. Technical indicators are showing that the climb could resume at some point. Technical Indicators Signals. The 100 SMA just crossed above the longer-term 200 SMA to show that the path of least resistance is to the upside and that the rally....
Bitcoin remains at the same price level from last week, reinforcing the $600 support area for the entire new cycle. Meanwhile, technical analysis indicates that bullish consensus is getting stronger, increasing the likelihood of a rally from $650 to $820. 5th Elliott Wave forecasting, based on Fibonacci numbers, could be calculated to the technical objective around the $820 area, where several theories point to the delayed next stage. From there, a technical correction should send prices back to $700, giving stragglers a second chance to recalculate their strategies to join. After another....
The bitcoin price has recently launched into an upward rally, with technical indicators showing the rise slowing down at $820 while bullish consensus builds to send it further to $1500 by 2017. After bullish signs flooded the markets, the bitcoin price has shifted into an upward rally. According to technical indicators, this rally should last until we hit $820, after which a sideways market will prevail. If this scenario gets confirmed, quotes would be able to double again to the year-end objective beyond $1800. The current Elliott Wave Theory 5th phase could be evaluated at the same size....