Bitcoin Price Technical Analysis for 12/14/2016 – Was That a Fakeout?
Bitcoin price faked out to the top and bottom of the symmetrical triangle formation as traders are positioning for major events. Bitcoin Price Key Highlights. Bitcoin price seems to be back inside its triangle consolidation pattern after a burst of volatility recently. Price broke to the upside of the triangle then snapped right back down to the bottom and is now moving sideways again. Traders could be bracing for bigger market catalysts ahead before pushing BTCUSD in a particular direction. Technical Indicators Signals. The 100 SMA crossed above the longer-term 200 SMA on this time frame....
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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 rallied to $12,000 but traders are unsure whether the move is a breakout or a fakeout. Within the past few hours, Bitcoin (BTC) price rose to $11,988 before pulling back to hover around the $11,900 level. The price is on the cusp of breaking above $12,000, and some analysts have suggested that the dominant cryptocurrency is in the process of decoupling from the rest of the market, including U.S. equities.The general sentiment around Bitcoin among analysts and traders remains positive and multiple on-chain analysts say that Bitcoin has been behaving like a safe-haven asset.....
Bitcoin price seems poised for more declines, putting it on track towards testing a major support zone visible on the longer-term time frames. However, technical signals are looking mixed for now. At the moment, risk appetite appears to be waning once more, as the IMF recently decided to lower their global growth forecasts for 2016 and 2017. The institution highlighted the risks stemming from the slowdown in China and the slump in commodity prices, particularly to emerging economies. With that, the safe-haven US dollar is reigning supreme against most of its counterparts, particularly the....
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 is stuck in a tighter consolidation pattern, which could set the tone for an even more explosive breakout. Bitcoin Price Technical Analysis. Bitcoin price is starting to form a new ascending channel after its previous breakdown. The consolidation is noticeably tighter these days, which suggests that price could be gearing up for a strong breakout. The US elections would likely have a strong impact on financial market sentiment and dollar price action. Technical Indicators Signals. The 100 SMA just crossed below the longer-term 200 SMA so the path of least resistance is now to....