Bitcoin Price Technical Analysis for 08/04/2016 – Bears Revving Up!
Bitcoin price has exhibited strong bearish momentum but is in the middle of a retracement from its sharp downside move. Bitcoin Price Key Highlights. Bitcoin price made a strong bounce after its sharp drop, reflecting a correction for sellers. Price could pull up to the broken consolidation support or to the moving averages before resuming its drop. The recent hack on a bitcoin exchange in Hong Kong has put downside pressure on prices. Technical Indicators Signals. The 100 SMA is below the longer-term 200 SMA, signifying that the path of least resistance is to the downside and that further....
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Bitcoin price could be starting a new uptrend but it needs to find support at the nearby Fib levels before confirming this climb. Risk-on flows appear to be supporting the cryptocurrency and weighing on dollar demand. Bitcoin price appears to be starting a new trend on its short-term time frames, as an ascending trend line can be drawn to connect the recent lows of price action. Technical indicators are also hinting at a start of a short-term uptrend, with the moving averages looking prime for an upward crossover. Using the Fibonacci retracement tool on the latest swing high and low....
Key Highlights. Dogecoin price is still stuck in consolidation and is hovering near range support against litecoin. Momentum for a downside range break seems to be building up, as dogecoin price has made lower highs and is pushing closer to the bottom of the range. Dogecoin price has been moving sideways for quite some time around a longer-term area of interest and is revving up for a strong downside breakout. Bears gathering strength. The consolidation is persisting for now, as traders are waiting for more signs of bearish momentum. Short positions are approaching extremes, opening the....
Ethereum price traded down finally and also moved back below $10.0. It looks like there is a chance of a minor correction moving ahead. Intraday Support Level can be $9.07. Intraday Resistance Level may be $10.5. Ethereum price as highlighted yesterday made a new high of $11.98 where it found sellers and started to move down. The price also traded below the $10.0 level, which is a sign that bulls stepped back and failed to prevent losses. If the bears manage to gain strength, then there is a chance of more losses in the near term.
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....
Bitcoin price might be able to break below the channel support if dollar demand picks up in the latter sessions. Bitcoin Price Key Highlights. Bitcoin price is still stuck inside the ascending channel pattern on the 4-hour time frame and still hovering around support. Price has been consolidating above the $450 level for quite some time, as bears are trying to find more energy for a downside break. The FOMC minutes failed to spur dollar demand strong enough for a downside break, leaving bitcoin traders waiting for the next big catalyst. Technical Indicators Signals. The 100 SMA is still....