Technical Analysis: Weekend Bitcoin Price Drop Explained
Bitcoin is falling down to end its current cycle, which will happen when prices drop to the technical reversal level. Prices have started the dive to $600 and $580 after a large lateral sideways lateral movement that ended the first technical cycle. To start a new cycle, quotes must reach former broken resistances, which become supports. Once this occurs, strong purchases are expected, framed in the marketplace of biggest players. Looking back in the chart, another two flags can be analyzed, which have broken to the bear side. This time, the Contrary Opinion Theory could be considered to....
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I do not have any positives to lay out for the bulls, neither regarding the weekend action nor regarding the future price expectation. I had advised in Crashes 20% Intraday that any rally up to the resistance level of $4.100 should be used to go short in the counter. During the weekend, the price did enter the bears' mansion and has been sliding since then. Currently, Litecoin is trading at $3.678, down 1.34% from Friday's observation. Litecoin looks weak from the purview of technical indicators as well. Find below the technical considerations of the daily LTC-USD price chart. Litecoin....
Litecoin has expectedly obliged us with a 13 percent drop during the weekend as Bitcoin crumbles under pressure. We discussed in Bounces Off Support that even while the technical indicators were positive for Litecoin, we must remain on the short side. And that has paid off well; the cryptocurrency succumbed to a low of $3.852 before recouping some losses. Now at $4.041, Litecoin is still in tight clutches of the bears. Technical analysis of the daily LTC-USD price chart reveals that Litecoin may witness jettison by the bulls as bearish pressure mounts, and that we may see a new low in the....
As mentioned in the previous Bitcoin price technical analysis, Afloat, But For How Long?, the remarkable work done by the bulls to defend their crucial weekly support of $220-225 has finally paid off during this weekend as Bitcoin price surged 5.29 percent to $241.01. During the latest price move, Bitcoin also crossed a near-term resistance which had kept it subdued for several sessions. But let us now discuss the price targets, the supports and the resistances. Bitcoin Chart Structure - Since August 19th, Bitcoin had been trading with its upside capped near $235 (we discussed this....
The current Bitcoin price correction, since the 30 June high around $265 and 1665 CNY, has been tracing a path similar to the previous 17-25 June correction. Should the market take this pattern to its logical conclusion, we can expect another advancing wave and for trade to take price to a new high. However, alternate scenarios may be introduced by developments in Greece, this weekend, and technical analysis looks for the pivotal price levels traders should look out for. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and....
Don’t be alarmed by the current slump in the bitcoin price. In fact, there is still cause for optimism. The market is going through a reversal pattern to the $700 level, where a congestion area should reinforce quotes for another climb to $820, keeping us right on track to hit the projections advanced last week. Bitcoin Price Analysis: Bulls Still in Control. Long-Term Analysis. After testing the lowest support at the $580-$600 level, prices should enter an upward reversal pattern soon, which will allow an initial pull back to $700, extended to Fibonacci´s technical objective at $820. The....