Recent Top on Bitcoin Price Triggered by the Technicals
What has been a consistent and healthy rally up to the $717.99 local high over the past few weeks, has finally hit a wall. While many tops come on bearish news or fundamentals, this one was almost purely technical in our opinion. Two weekends ago we mentioned that the action over those two days would determine the flow of funds into the market until the end of the month and indeed that is precisely what has materialized. What were overbought conditions last week, turned out to be signs of strength as a continuation to the upside broke not only the key $700 level, but also tested the upper....
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Bitcoin price is currently reeling due to a series of rejections above $60,000. After such a powerful impulse upward, technicals are severely overheated and beginning to turn down. But regardless of any technical-driven selloff that might result, such continued bullish fundamentals in the leading cryptocurrency by market cap could keep prices from going too low, […]
Last week Bitcoin exhibited relative strength in the marketplace when compared to precious metals, adding to the fundamental bull case, however the near term technicals are saying that perhaps the market is not yet ready for a breakout move higher. While our bias remains generally bullish for the time being, we realize the market could stay around for awhile first. Last week we saw a somewhat surprising continuation of the near term rally up towards the $755 level where sellers began to move in to put a cap on price. Following that local top, price began to show signs of diminishing....
The recent drop in bitcoin’s price may come from reactions to the movement of large amounts of bitcoin.
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Bitcoin continues to slowly push to the upside reaching new yearly highs once again over the weekend, defying the logic of many traders. The bears simply cannot get their claws into the market for the time being, despite severely overbought technicals in what is still a heavy resistance zone. Bitcoin remains embroiled in political infighting over block size, as has become the norm for Bitcoin over the past few years, and the current state of the shorter term technicals do not instill all that much bullish confidence at this time. Having said that, we think the main reason that the market....