Bitcoin Price Technical Analysis for 01/20/2017 – Bearish Pressure Getting Stronger
Bitcoin price is encountering a lot of roadblocks on its move up north for now so bears might take advantage and push for a drop. Bitcoin Price Key Highlights. Bitcoin price is still moving inside its ascending channel pattern on the 1-hour chart but bears seem to be pushing for a downside break. Price has been hovering too close to the channel support for quite some time, which means that bulls are having trouble sustaining the climb. A break below the channel support could mark the start of a selloff until the next lows at $700-750. Technical Indicators Signals. The 100 SMA has just....
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Dogecoin Price Key Highlights. Dogecoin price did indicate further downside momentum, as predicted in an earlier technical analysis write-up on the consolidation pattern repeating itself. With the downside break, more sellers could hop in the ongoing downtrend and push dogecoin price to new lows. Dogecoin price confirmed the buildup in bearish pressure with a strong downside break below the consolidation pattern on its 1-hour chart. Where To Next? Price has broken below the previous lows in October 21, hinting that bears are unstoppable at this point. Stochastic and RSI are both on the....
Bitcoin price has exhibited strong bearish momentum but is in the middle of a retracement from its sharp downside move. Bitcoin Price Key Highlights. Bitcoin price made a strong bounce after its sharp drop, reflecting a correction for sellers. Price could pull up to the broken consolidation support or to the moving averages before resuming its drop. The recent hack on a bitcoin exchange in Hong Kong has put downside pressure on prices. Technical Indicators Signals. The 100 SMA is below the longer-term 200 SMA, signifying that the path of least resistance is to the downside and that further....
Bitcoin price might encounter near-term resistance at the top of the rising channel but the overall uptrend remains intact. The 100 SMA is above the 200 SMA so the path of least resistance is to the upside. If bullish pressure is strong enough, bitcoin price could even go for an upside break of the channel resistance, spurring a stronger rally for the virtual currency. RSI is treading sideways, indicating that consolidation could carry on and that buyers and sellers are still undecided. However, stochastic is already indicating overbought conditions so a selloff might take place sooner or....
Bitcoin price could be due for a selloff at this major resistance level, as the market is overbought and profit-taking could happen. The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside. Also, the gap between the two moving averages is widening and this indicates that bullish momentum is getting stronger. However, stochastic is indicating overbought conditions and is ready to turn lower, possibly drawing sellers back to the mix. Similarly RSI is heading south so price could follow suit. More importantly, bitcoin price is showing a bearish....
Bitcoin price seems exhausted from its dive and might be looking to start a climb once more. Bitcoin Price Key Highlights. Bitcoin price was previously trading inside a descending channel visible on its 1-hour time frame but bulls seem to be putting up a fight. Price is starting to break out of its downtrend pattern, signaling that an uptrend might be in the cards. Stronger bullish pressure could push price past the next inflection points and onto the January 5 highs. Technical Indicators Signals. The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the....