Technical Analysis: Explaining the Weekend Bitcoin Price Rally
The prevailing bitcoin price resistance was overcome by a little flag pattern this past week, which ultimately launched prices up to recover a technical objective at $820. After prices overcome the psychological trigger zone area among $620 and $650, the current phase points to a technical goal near $820. According to Elliott Wave Theory, the current movement should reach a higher scenario through the 5th phase, from where profit taking would be considered. The old trendline, started in 2013, could be very useful at this stage because quotes still recognize its reference, reflecting that....
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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....
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....
Following the lead of Bitcoin, Litecoin has gained 5.69% over the weekend. The advance has also brought the price closer to its resistance zone, beyond which Litecoin may witness a massive rally. Litecoin is currently trading at $3.047. In my previous analysis titled This Market is not for the Greedy!, I had suggested that Litecoin be shorted by keeping a strict stop-loss above $2.980. Those who would have followed this advance would have minimized their losses significantly. Technical analysis of the 240-minute LTC-USD price chart points to a probability that the cryptocurrency may, in....
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....
Bitcoin trading achieved a decent rally during the past month and the overdue correction is still playing out. The large range of price movement has created a technical condition in the chart whereby price could drop to new lows, but just as easily resume advance without any technical hindrance. 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 Trading and Price Analysis. Time of analysis: 14h23 UTC. BTCC 15-Minute Chart. From the analysis pages of xbt.social, earlier....