Bitcoin Price Rally Still Has Legs
Bitcoin continues to show strength as it bounces back from profit-taking overnight, making yet another new swing high moments ago. The question on traders mind everywhere is, no doubt: ’How far will this go?” While I have no definitive answers to that question, I can postulate guesses based on what the charts seem to be saying. We have seen this chart a few times in the past few days. The 3rd arc pair will presumably be met in the $1030 area. This arc is typically strong resistance, so my guess is that there will be profit-taking there. However, depending on what happens when price gets....
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The bitcoin price advance of the past few weeks has been as relentless as it has been vexing. I must confess I have been stymied and surprised by the inexorable strength of this advance off the 750 low. However, all advances must end sooner or later. This begs the question: when? Even a novice Elliott Wave reader can see that there were (2) 5 waves completed at the 1080 high. That was also the place where the 2nd arc of the 4th pair stopped the rally. Well, it turns out that as of this very moment, pricetime has again met the very same arc that stopped the last rally. Will it get through....
Bitcoin price is being bought up in rally that began as a whimper, and is now approaching a way point after covering $40 in 3 weeks of strained advance. Once correction sets in we will be able to assess if this rally has legs. 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 Price Analysis. Time of analysis: 14h56 UTC. Bitstamp 1-Day Chart. From the analysis pages of xbt.social, earlier today: The current advance is approaching two instances of reverse divergence in the....
Today, we will take yet one more look at the long term, 8-day candle chart of BTC, per Kraken. We looked at a bull setup from the Jan 2015 over the weekend and saw indications that BTC will likely be in a bull market through the end of the year. Then yesterday we looked at a bear setup from the Nov 2013 high, and saw kind of a foggy picture. Not very bearish, and not very bullish. Significant overhead resistance at ~ $714. Gann spoke of ‘wheels within wheels’, an image that I believe referred to the fractal nature of the markets. Knowing that the markets are indeed fractal, let’s take....
An Ethereum whale dumping as much as 4,000 ETH on Binance this morning might have been responsible for kickstarting the crypto market downturn. How deep could the correction in Ethereum get, after such a substantial rally all throughout 2020? DeFi Trend Fallout Takes The Legs Out From Under Ethereum Bull Run Late US President John […]
Bitcoin price is still hovering close to the long-term rising trend line but could be trying to resume its rally. Bitcoin Price Key Highlights. Bitcoin price has been trending higher on its longer-term time frames, moving above a rising trend line visible on the daily chart. Price recently tested the trend line support and made a bounce, which suggests that bulls are intent on keeping the uptrend intact. The rally is still finding legs but there are technical arguments for a continuation of the climb. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on this time....