Bitcoin Price Technical Analysis for 11/07/2016 – Watch Out for the Wedge!
Bitcoin price is consolidating in a rising wedge pattern and the direction of its breakout could set the tone for long-term movement. Bitcoin Price Key Highlights. Bitcoin price recently broke to the downside of its short-term uptrend, signaling a reversal underway. Price is stuck in consolidation for the time being, as traders have been booking profits from the previous drop and waiting for more cues. A break below the rising wedge pattern could confirm that longer-term losses are in the cards. Technical Indicators Signals. The 100 SMA just recently crossed below the longer-term 200 SMA....
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Bitcoin price could be due for a bounce off the bottom of the rising wedge as the consolidation carries on. The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the gap between the moving averages seems to be widening, indicating stronger bullish momentum. Meanwhile, stochastic has turned higher even without reaching the oversold region. This could be indicative of a return in buying pressure, possibly allowing bitcoin price to make another attempt at breaking past the wedge resistance around $435. Also, RSI appears to be moving....
Bitcoin price appears to be trading inside a rising wedge pattern on the 4-hour chart and is currently testing the bottom. Bitcoin Price Key Highlights. Bitcoin price hasn’t made much headway north after pulling back to a nearby support zone. Price seems to be moving inside a rising wedge pattern, as buyers are trying to push higher while sellers are also putting up a strong fight. Technical indicators are hinting that further gains are in the cards for bitcoin price. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on this time frame so the path of least....
Bitcoin price could be headed for some losses if it does break below the bottom of the rising wedge as the oscillators suggest. Bitcoin Price Key Highlights. Bitcoin price is still stuck in consolidation, moving inside a rising wedge pattern visible on the 1-hour time frame. Buyers and sellers are still tugging in their own directions, with a strong breakout likely to indicate where longer-term price action could go next. Technical indicators are giving mixed signals, with oscillators suggesting that a downside break could occur. Technical Indicators Signals. Stochastic has already reached....
Bitcoin price is slowly treading higher, trying to muster enough energy for a strong break past $800. Bitcoin Price Key Highlights. Bitcoin price broke above its short-term consolidation and is on its way to making a solid move past $800. Price is still moving carefully inside a rising wedge formation visible on its 4-hour chart. If the wedge resistance continues to keep gains in check, bitcoin price might be forced to break below support. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. However, the gap between....
Bitcoin price has been trading inside a rising wedge pattern as bullish pressure is present but weakening. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the 100 SMA is in line with the wedge support so it’s likely that it could keep losses in check. A dip lower could draw support from the nearby 200 SMA. Stochastic is on the move down so sellers are on top of their game. However, the oscillator is nearing the oversold level, which means that bearish pressure is about to be exhausted and buyers could gain the upper hand soon.....