Bitcoin Price Technical Analysis for 12/30/2016 – Waiting for a Correction?

Bitcoin price continues to move in an uptrend and is currently making a correction to draw more buyers to the mix. Bitcoin Price Key Highlights. Bitcoin price has been consistently trending higher, moving inside an ascending channel formation visible on the 4-hour and 1-hour charts. Price has just bounced off the channel resistance around $800 and is heading back towards support. A bounce from the channel bottom could be in the cards as more bulls are waiting at that area. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is still to....

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 is enjoying stronger bullish pressure that’s pushing it up on a much steeper climb lately. Bitcoin Price Key Highlights. Bitcoin price has been making one upside breakout after another, indicating the presence of strong bullish momentum. A steeper rising trend line can be drawn to connect the latest lows of price action on the 1-hour time frame. Price could be in for a shallow pullback to this rising trend line or a larger correction to the nearby area of interest. Technical Indicators Signals. The 100 SMA is safely above the longer-term 200 SMA so the path of least....

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 taking a bit of a break from its ascent, probably waiting for more bulls to join in. Bitcoin Price Key Highlights. Bitcoin price recently made a strong surge, but it appears that bulls are running out of steam. A larger correction might be needed in order to draw more buyers to the mix and allow the climb to resume. Price is stalling just below the latest highs near $940 and appears to be testing near-term support areas. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on the 1-hour chart, confirming that the path of least resistance is still to....