Bitcoin Price Technical Analysis for 22/02/2016 – Uptrend Gaining Traction
Bitcoin price is once again testing the rising trend line support and might be due for another bounce to its previous highs and beyond. Bitcoin price already bounced off the 61.8% Fibonacci retracement level at $428.58 and appears ready to climb to the swing high at $447.94. However, buyers still seem hesitant and are still waiting for more bulls to join the fold. For now, price is stalling at the 50% Fib at $432.15 and might need another quick test of the trend line, which lines up with the 100 SMA. Speaking of the moving averages, the short-term 100 SMA is still above the longer-term 200....
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Bitcoin price made a downside break from its ascending channel pattern, signaling that a reversal is about to take place. Bitcoin Price Key Highlights. Bitcoin price was previously trading inside an ascending channel before making a break lower, indicating a reversal from the short-term uptrend. Price also broke below the nearby inflection points, which means that sellers are gaining traction. For now, technical indicators are suggesting that the uptrend might still carry on but that could change soon. Technical Indicators Signals. The 100 SMA is still above the longer-term 200 SMA so the....
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....
Bitcoin price is gaining more traction on its climb, putting it back on track towards testing the channel resistance. As mentioned in the previous update, the moving averages added strength to the support at the bottom of the channel near $415. In addition, the 100 SMA is above the longer-term 200 SMA so the path of least resistance is still to the upside and the uptrend is likely to carry on. Right now, bitcoin price is encountering a bit of resistance at the mid-channel area of interest at $425. A break past this level could allow it to set its sights on the range resistance but if the....
Bitcoin price seems to be done with its climb, as sellers pushed for a break of the near-term channel support. Bitcoin Price Key Highlights. Bitcoin price broke below the ascending channel support on its 1-hour chart, signaling that a reversal from the uptrend is in order. Technical indicators are still showing that the rally could resume at some point. A pullback to the broken channel support could take place before the selloff gains traction. Technical Indicators Signals. The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is still to the upside. However,....
Bitcoin price is still hovering close to the long-term rising trend line but could be trying to resume its rally. Bitcoin Price Key Highlights. Bitcoin price has been trending higher on its longer-term time frames, moving above a rising trend line visible on the daily chart. Price recently tested the trend line support and made a bounce, which suggests that bulls are intent on keeping the uptrend intact. The rally is still finding legs but there are technical arguments for a continuation of the climb. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on this time....