Bitcoin Price Technical Analysis for 06/24/2016 – Brexit Lead Boosting Bitcoin
Bitcoin price has drawn support from increased financial market uncertainty once more, but technical indicators are suggesting a short-term drop. Bitcoin Price Key Highlights. Bitcoin price found support at the 61.8% Fibonacci retracement level on the daily time frame, as predicted in the previous article. Price has made a short-term double bottom at that area and broke past the neckline after early regional results from the UK suggested a possible Brexit. Bitcoin could be back on track towards a climb to the previous highs around $775 if the UK does leave the EU. Technical Indicators....
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Bitcoin price appears to be pulling up from its post-Brexit surge but the short-term uptrend could remain intact. Bitcoin Price Technical Analysis. Bitcoin price made a strong surge on Friday as the UK voted to exit the EU. This could mean an extended period of uncertainty in the financial markets, lending more support for alternative assets like bitcoin. Price appears to be drawing support from the 50% Fibonacci retracement level on the 1-hour time frame and a rising trend line can be drawn to connect the lows since June 22. Technical Indicators Signals. The 100 SMA is below the 200 SMA....
Bitcoin price could be due for more declines after making a downside break of consolidation and forming a reversal pattern. Technical indicators are suggesting a potential bounce for now, with the 100 SMA above the 200 SMA and oscillators moving out of the oversold levels. Both RSI and stochastic are also showing slight bullish divergences, hinting that buyers could come back in the game and trigger a pullback or rally for bitcoin price. A pullback could lead to a test of the broken triangle support near $430 and the moving averages, which might hold as dynamic inflection points. A larger....
In the previous weeks, macroeconomic uncertainty has spurred investment interest in bitcoin, but is this likely to continue? As we covered last week in our H1 2016's market analysis, prices have pushed up 50% from 1st January, and two key drivers were, at least according to market observers, uncertainty in China (where the yuan has been devalued) and Europe (where the UK voted to leave the EU in an event known as the 'Brexit'). Looking ahead to the second half of the year, it remains unclear, however, if these events will continue to be factors impacting digital currency price movements.....
Following Brexit, the digital currency is expected to rise and cross the $700 mark soon and maybe even touch $800. The value of Bitcoin has shown a significant increase from what it was a couple of days ago, following the Brexit Results. The digital currency, which was exhibiting healthy gains in the past few weeks registered a significant drop during the last weekend, only to get back on its feet after the Brexit results. Bitcoin is being increasingly referred to as a safe haven asset, along the same lines as gold. Both gold and bitcoin are financial instruments, but unlike other....
Bitcoin price pulled back from its recent rally and is finding support at a former resistance level. Bitcoin Price Technical Analysis. Bitcoin price is currently testing an area of interest and might be due for a bounce. The broken resistance around $715 is holding as support for the time being. Technical inflection points are also lining up with this area of interest. Technical Indicators Signals. The 100 SMA just crossed above the longer-term 200 SMA so the path of least resistance is to the upside. In addition these moving averages coincide with the former resistance around $715, adding....