Bitcoin Consolidation Likely to Continue
Bitcoin has been consolidating sideways for a couple days since hitting swing high resistance at $780. IMHO it will likely continue to consolidate thus for another day or two. However, having looked at the chart for the past day or two, I am reasonably confident that the upward trend will resume. Take a look at an 8-day chart: As you can see, the 2nd arc stopped the rally in early July. However, that arc has since yielded to buying pressure. The 2nd arc of the pair remains to be broken. It should go without saying that it could conceivably be strong enough to know price back down. Note....
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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....
Bitcoin is still struggling to break out of the cage that is the $40K-$44K price range. Reaching this level has not been the problem for the digital asset, but successfully breaking above it and maintaining consistent momentum above the $45,000 price point has been the biggest hurdle. Consolidation continues to be the name of the game. But how soon will this come to an end? Bitcoin Is Still Consolidating Bitcoin has continued to consolidate in recent times. It had broken through $40,000 three times already in the first two months of 2022 and the recent break above this point marks the....
Bitcoin price continues slumping as the smaller timeframe chart indicators continue to swing wildly. The chart signals are mixed. The 1hr chart’s indicators have become meaningless as the range of price narrows during apparent ongoing consolidation. The 1hr chart is, therefore, not anything to go by. At the 4hr timeframe (above) we’ve just had a series of five advancing waves fall away from yesterday’s high. Price is still below the 4hr 200MA (at the red arrow) and the 4hr stochastics (top, blue circle) are falling away from their maximum. A low will, conceivably, only be struck when the....
Bitcoin trading is running a sideways consolidation prior to a move higher. Today trade opted for a sell-off that did not achieve great depth of decline. The overall sense is that a base is forming prior to a move to $275 / 1700 CNY. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Trading and Price Analysis. Time of analysis: 14h19 UTC. BTC-China 15-Minute Chart. From the analysis pages of xbt.social, earlier today: How long this consolidation will continue is unknown.....
So last night we hit 300. Its been a few months since we've seen these levels in the bitcoin price, and reaching 300 shows that - despite numerous suggestions to the contrary - there are plenty of bulls out there ready to buy into any bitcoin price strength. Now action has matured throughout the Asian session, and as we head into a fresh European session this morning, what are the levels we are watching in the bitcoin price, and where are we looking next? More importantly, will the upside momentum continue today, or are we heading into a consolidation and some more corrective action? Take....