Bitcoin Price Technical Analysis for 07/22/2016 – Breakdown and Correction
Bitcoin price looks ready for a selloff but a quick correction from the breakdown might take place first, giving bears a better entry point. Bitcoin Price Key Highlights. Bitcoin price recently broke below the ascending channel support, signaling that a reversal from the uptrend is about to take place. Price bounced off the $660 area and appears to be making a correction from here. Bitcoin could retest the broken support around the $670-675 levels before resuming its slide. Technical Indicators Signals. The 100 SMA is still above the longer-term 200 SMA for now so the path of least....
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Bitcoin price made a sharp breakdown from consolidation recently, signaling that a longer-term downtrend could take place. Bitcoin Price Key Highlights. Bitcoin price was trading inside a symmetrical triangle pattern before a strong breakdown ensued. An early signal for this selloff materialized on the 1-hour time frame when price broke below a head and shoulders pattern. Economic reports released last Friday seemed to be the main catalyst for the big move. Technical Indicators Signals. The 100 SMA and 200 SMA are still oscillating, as the moving averages have yet to incorporate the recent....
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....
SOL price gained 75% in the past two months, but technical analysis suggests it could be an elaborate bull trap. Solana (SOL) price rallied by approximately 75% two months after bottoming out locally near $25.75, but the token's splendid upside move is at risk of a complete wipeout due to an ominous bearish technical indicator.A major SOL crash setup surfacesDubbed a "head-and-shoulders (H&S)," the pattern appears when the price forms three consecutive peaks atop a common resistance level (called the neckline). Notably, the middle peak (head) comes to be higher than the other two....
In what appears to be the first conclusive sign of an upcoming breakdown, Bitcoin ended yesterday's trading session at the lowest closing for September-to-date. And currently, Bitcoin seems to be staging a fake pullback to entice more market participants to go long without reading too much into the breakdown. Bitcoin is currently trading at $227.92 and the resistance is now at $228.60. In the previous Bitcoin price technical analysis A Disappointing End to the Week!, we discussed how the technical indicators were reflecting the bearish sentiments in Bitcoin, and today, we are going to....
Bitcoin price showed bearish momentum but sellers might need to make a correction before taking it lower. Technical indicators are giving mixed signals for now. Using the Fib tool on the latest breakout move shows that the 38.2% correction level lines up with a broken short-term support around $373. the 61.8% Fib is close to the 200 SMA, which typically acts as a dynamic resistance level. However, the 100 SMA is still above the 200 SMA so the path of least resistance might be to the upside and bitcoin price could go for another round of gains. A downward crossover appears to be brewing....