Bitcoin Price Analysis (Week of July 4th)
Bitcoin’s price is undergoing a correction toward the long-term upward trend. For how long will this correction last, and at which point is the long-term upward trend most likely to continue? What has caused the start of this correction? One of the key long-term levels was near $760-80. A long-term downward trend has been forming along that price as far back as 2014. The price of $760-80 has become a key level. The placing of the correction level of the Fibonacci grid 38% has given more significance to that range. That’s why it could be called a historical maximum, which was later....
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Bitcoin price decline is on the cards again and, with it, the question: "Where will it end?" A week ago, the market-wide sense had been that a consolidation similar to late-May's pre-launch contraction was developing - only to shatter at the last moment. The analysis below (Bitstamp charts throughout) outlines target levels to the downside and considers a wave pattern analysis as pointer to where the market might be heading. Update - Wednesday 30 July. Price has made a new low at $560 by throwing under the purple channel and immediately jumping back inside it. A new channel (blue) has....
BTC price at press time: US$271.39. The fiestas of San Fermin are celebrated in Pamplona, Spain every year from July 6-14. The event has become internationally renowned because of the running of the bulls, where the bulls try to gore wanna-be matadors through the streets of the city's old quarter. Meanwhile, Bitcoin, too, is experiencing a bull run and as of this writing has broken through the 200 day EMA, the last big hurdle in its way. “The price reached a high of ~US$252 and has now come down to ~US$249 and thus far the price has been consolidating above these two moving averages, which....
Multiple indicators and on-chain metrics reflect confluence pointing to an improving market, but technical analysis still raises the possibility of Bitcoin dropping to new yearly lows. On July 26, Bitcoin (BTC) price dropped below $21,000, giving back the majority of the gains accrued in the previous week and returning to the $23,300 to $18,500 range that Glassnode analysts describe as “the Week 30 high and Week 30 low.” A handful of analysts and traders attribute the July 26 to July 27 Federal Open Market Committee (FOMC) meeting and the expected Federal Reserve rate hike as the primary....
As a follow up to last week’s higher-level overview, this week we will take a closer look at Bitcoin’s price and introduce a Daily Pricing Chart. Before diving right in, it’s strongly recommended for the readers to take a look at Investing 101: How to Predict Bitcoin’s Price. Armand Tanzarian makes several good points that anyone trading with a high emphasis on technical analysis must keep in mind. This weekly series is meant strictly as a guide and NOT a short term trading tool, which is why we will have a bigger focus on longer time frames. We will also attempt to educate readers that....
Bitcoin price was massaged lower in the week leading up to the Fed rates hike announcement, and then eagerly traded up on the day. The chart technicals implied a bull trap and the sound of a can being kicked was its closing bell. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 15h23 UTC. OKCoin 3Month Futures 15-Minute Chart. From the analysis pages of xbt.social, earlier today: The Fed has declined their new unregulated shadow bank....