Bitcoin Price Technical Analysis for 12/02/2016 – More Bulls Follow Through!
Bitcoin price followed through with its consolidation breakout and sustained its climb. Bitcoin Price Key Highlights. Following the recent upside breakout from the symmetrical triangle pattern, bitcoin price continued to climb as predicted in the earlier post. Price has now made its way to the triangle highs around $780 and is showing increased buying pressure to form new highs. Technical indicators are giving mixed signals at the moment, but it looks like the odds are in favor of more bullish action. Technical Indicators Signals. The 100 SMA is above the 200 SMA so the path of least....
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Bitcoin price is starting an uptrend on its 1-hour time frame and bulls could keep this rally going after a test of support. Bitcoin Price Key Highlights. Bitcoin price is slowly starting to trend higher on the short-term time frames once more, creating an ascending channel formation on its 1-hour chart. Price just came off a test of the channel resistance and is setting its sights back on support. Technical indicators are suggesting that the channel support could hold and allow bitcoin price to resume its climb. Technical Indicators Signals. The 100 SMA just crossed above the longer-term....
Bitcoin price could be ready to resume its climb now that this area of interest held as support. Bitcoin Price Technical Analysis. Bitcoin price recently made an upside breakout from a near-term resistance around $660. Price has found resistance at the $670 area and has since pulled back to the broken resistance, which appears to have held as support. This signals that bitcoin bulls could be ready to charge once more, although technical indicators are suggesting otherwise. Technical Indicators Signals. The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to....
Bitcoin price found support at a broken resistance level but indicators suggest that sellers still have a chance. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside and the rally could carry on up to $470 or higher. In addition, the 200 SMA held as dynamic support in the past so it might continue to keep losses in check from here. However, stochastic is indicating overbought conditions and is turning lower so bitcoin price could follow suit. This could take price down to the near-term support at $450 once more or until $440. Stronger selling....
Bitcoin price is retreating upon reaching its yearly highs but bulls could be ready for another push higher after this pullback. Bitcoin Price Key Highlights. Bitcoin price reached the yearly highs around $780 and profit-taking happened as predicted in the previous article. Price is now making a pullback from its recent rally and could encounter more bulls who are waiting at the next area of interest. Technical indicators are confirming that the uptrend could resume once the correction is completed. Technical Indicators Signals. The 100 SMA just crossed above the longer-term 200 SMA to....
Bitcoin price is pausing from its recent sharp climb, an indication that bulls are waiting for more signals to head higher. The 100 SMA is above the 200 SMA so the path of least resistance is still to the upside. The gap between the moving averages is widening so bulls are gaining more energy. For now, there are enough buyers located around the $565 level which is currently holding as near-term support. A long green candle closing past the $600 mark could confirm that more buyers have joined the mix and are ready to push bitcoin price higher. The breakout was spurred by more Chinese....