Technical Analysis: Long-Term Bitcoin Price Corrections to Come?
As the bitcoin price rally gets into high gear, technical indicators at the long, mid and short term levels suggest that there could be corrections on the horizon, after a continued rise to $820 USD. Let’s take a look at the indicators in the first installment of Bitcoinist.net’s new technical analysis series by Ramiro Burgos. Prices are breaking at every resistance placed by Gann Angles Theory, and also had left back the big triangle accomplishing all the technical objectives. Taking on all the historical prices data, Fibonacci numbers at the 50% zone would be reached at $670, and the....
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The Dogecoin price surged near 1.5% against the BTC during the March 11th trading session, thereby establish smaller bullish corrections in an already bearishly-biased market. The market however continues to face strong upside risks that, if tested, could really pulldown price back to invalidate the currency near-term bull sentiment. Following is the elaboration of this theory. As you can notice the DOGE/BTC 4H Chart above, sponsored by Trading View, the Dogecoin price has clearly formed new higher highs in order to test the 61.8% retracement - aligning with 54. Just after that, you could....
Bitcoin price is pushing toward its three-month resistance ceiling. Technical and sentiment analysis argue for a return to decline, and fundamental analysis shows that Bitcoin’s value is more fragile than many realize. Friday’s technical analysis concluded that the outlook for bitcoin price is bearish while price fails to break above the prevailing resistance ceiling (blue down-sloping line in the chart). Going forward, technical analysis will be informed by the position of price in relation to this ceiling: if the market can successfully trade price above it, we can expect continuing....
Bitcoin price seems unstoppable in its climb as it kicked off 2017 on a strong bullish note with these candlestick formations. Bitcoin Price Key Highlights. Bitcoin price was off to a good start for the year, as three long green candles are forming on the weekly time frame. This reflects strong bullish pressure onto the first trading week of January, perhaps an omen of how price action could turn out for the rest of the month. Price has taken out the long-term resistance at the $1000 mark and is setting its sights on the next ceiling at $1100. Technical Signals. The 100 SMA is still above....
The bitcoin price has accomplished its first technical cycle, and a congestion area could institute a trading box for the next 3 months, depending on fundamentals, political factors and news before a new rise to the annual objective near $1800 USD. Prices had arrived to their long term technical objective, ending the cycle. Now, a trading box could take place in the chart before starting the next long-term technical cycle, which has its long term resistance at $1800. According to indicators, the support of a wide congestion area would be at $600, and the first resistance at the old....