Bitcoin Price Technical Analysis for 11/21/2016 – Don’t Miss This Correction!
Bitcoin price is pulling back from its ongoing uptrend, offering bulls a chance to go long at cheaper levels. Bitcoin Price Key Highlights. Bitcoin price retreated upon testing its yearly highs, allowing the correction to materialize as predicted in the previous post. An ascending channel can be seen on the 4-hour bitcoin chart, and price is approaching the floor. Technical indicators are showing that the climb is likely to resume rather than reverse. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on the 4-hour chart, confirming that the path of least resistance....
Related News
Bitcoin remains at the same price level from last week, reinforcing the $600 support area for the entire new cycle. Meanwhile, technical analysis indicates that bullish consensus is getting stronger, increasing the likelihood of a rally from $650 to $820. 5th Elliott Wave forecasting, based on Fibonacci numbers, could be calculated to the technical objective around the $820 area, where several theories point to the delayed next stage. From there, a technical correction should send prices back to $700, giving stragglers a second chance to recalculate their strategies to join. After another....
Bitcoin price showed bearish momentum but sellers might need to make a correction before taking it lower. Technical indicators are giving mixed signals for now. Using the Fib tool on the latest breakout move shows that the 38.2% correction level lines up with a broken short-term support around $373. the 61.8% Fib is close to the 200 SMA, which typically acts as a dynamic resistance level. However, the 100 SMA is still above the 200 SMA so the path of least resistance might be to the upside and bitcoin price could go for another round of gains. A downward crossover appears to be brewing....
Bitcoin price could pull back as low as the broken triangle resistance before resuming its climb, as technical indicators are hinting at a quick selloff. Bitcoin Price Key Highlights. Bitcoin price appears to be taking a break from its sharp climb, offering buyers an opportunity to catch the uptrend on a pullback. Bitcoin recently broke out of a symmetrical triangle formation and has surged past the previous year highs at $500. Price peaked at $600 before showing signs of a correction. Technical Indicators Signals. The 100 SMA is above the 200 SMA for now, confirming that the longer-term....
Bitcoin price looks ready to make a correction from its recent rally, giving buyers a chance to hop in the uptrend at better levels. Bitcoin Price Key Highlights. Bitcoin price recently made a strong rally but it looks like bulls are booking profits. This could offer a nice opportunity to enter on a short-term correction from the sharp climb. Using the Fibonacci retracement tool on the latest swing low and high on the 1-hour time frame shows potential entry points. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside.....
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....