Bitcoin and Ethereum Consolidation Continues
Not much has transpired in the Bitcoin space since yesterday. There was a minor selloff, but that was not completely unexpected, given that the chart is moving through an arc pair on the daily chart (3rd). I suggested yesterday that the 1.732 extension from the pitchfork would probably hold, and so far it has. Here is the daily chart with the long term setup displayed: While I’m sure most Bitcoin traders would rather there were no consolidations ever, they are a fact of life. As I have repeated many times, when pricetime exits the arc pair on the sunny side, we will get a buy signal. Here....
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Ethereum price hit the final sell target of $8.00. Moving ahead, it is wise to wait for the next move as there may be a minor consolidation underway. Ethereum price ETH moved just as forecasted in my yesterday’s post in which I stated that there is a chance of the price moving down close to the $8.00 level. There was a downside thrust, and ETH/USD formed a yet another weekly low below $8.00. However, the bears need to be very careful in the short term, as there is a possibility that ETH may move in a range for a few hours before deciding the next move. I prefer not to trade when the market....
Bitcoin price continues trading into a narrowing range and the market seems to have foregone decline in favor of consolidation. The consolidation floor and expectations going forward are discussed below. Yesterday’s analysis stated that, barring a bullish resurgence, the 1-hour chart stochastics imply bearish bias. The hope was expressed that, if decline sets in, it will be contained above $500. Well, today’s chart saw price decline according to the stochastic indication and, additionally, it appears that the correction since the June high has reached a consolidation floor at Bitstamp $600....
Ethereum Price Key highlights. Ethereum price is moving sideways on the 1-hour time frame, creating a triangle formation on the short-term chart. The path of least resistance is to the downside, as the longer-term downtrend is still intact. Ethereum price could find more downside momentum, pending a break below the support of the current consolidation pattern. Testing triangle resistance. At the moment, Ethereum price is hovering around the top of the triangle consolidation around 0.00261BTC, which might be enough to keep further gains in check. A return in selling pressure could lead to a....
Ethereum price started a consolidation phase against the US Dollar with resistance at $11.20, and ETH/USD might be preparing for a ride soon. Key Highlights. ETH price after moving towards the $11.20 level against the US dollar found resistance. The price moved down, and broke a bullish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $11.10. However, there was no major downside move, as the price continues to consolidate above the $11.00 support. Ethereum Price Consolidation. After a nasty decline towards $10.25, ETH price recovered well against the US Dollar. It....