Bitcoin Price Technical Analysis for 12/27/2016 – A Bit of Hesitation

Bitcoin price could be in for a sharp drop if traders decide to book profits off their recent long positions. Bitcoin Price Key Highlights. Bitcoin price made a strong weekend rally as expected and is back in consolidation once more. A symmetrical triangle formation can be seen on the 1-hour time frame, indicating hesitation among both bulls and bears. Signs of rally exhaustion were seen in the past week, which suggests that profit-taking activity could happen. Technical Indicators Signals. The 100 SMA is above the 200 SMA, which means that the path of least resistance is to the upside and....

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 might be ready to resume its climb if more bulls come into action at this latest test of the rising channel support. The 100 SMA is still above the 200 SMA so the path of least resistance is to the upside, confirming that the channel support would hold. In addition, both RSI and stochastic are pointing up to show that bullish pressure is present. Apart from that, the recent test of support led to the formation of a long-wicked candle, which means that buyers put up a strong fight to prevent the pair from falling further. A bit of consolidation took place soon after, which....

Bitcoin Price Key Highlights. Bitcoin price has been consolidating tightly inside a descending triangle pattern on its 1-hour forex chart, reflecting hesitation among buyers and sellers. The path of least resistance is to the downside since bitcoin price is coming from a downtrend and sellers appear to be pushing price gradually lower. Bitcoin price is approaching the peak of its triangle formation, which means that a breakout in either direction is imminent. Technical Clues. Bitcoin bounced off the bottom of the triangle quickly, as predicted in an earlier article, then went on to test....

Bitcoin Price Key Highlights. Bitcoin price volatility is much lower these days, as traders appear to be taking a break after the strong climb in the past weeks. Price made higher lows and lower highs, consolidating inside a symmetrical triangle pattern on its 1-hour time frame. A breakout could take place anytime soon, as bitcoin price is already approaching the peak of the triangle. Bitcoin price could be in for yet another strong move, depending on which direction it breaks out. Technical indicators are giving mixed signals, which reflects hesitation among buyers and sellers. USD....