Bitcoin Price Technical Analysis for 01/27/2017 – Head and Shoulders Forming?
Bitcoin price has been pulling up recently but is still under heavy selling pressure, especially once this correction is completed. Bitcoin Price Key Highlights. Bitcoin price is pulling up from its recent selloff after breaking below a rising trend line visible on the 4-hour chart. Price could be due for a retest of the broken support area before resuming its drop, possibly creating a head and shoulders pattern. A break below this formation’s neckline around $880-900 could serve as a stronger signal for a downtrend. Technical Indicators Signals. The 100 SMA is safely below the longer-term....
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Key Highlights. Litecoin price is likely forming a head and shoulders pattern on the hourly chart (price feed from Bitfinex). If the highlighted pattern is valid, then the price may break lower and head towards the all-important $3.00 support area. There is a lot of bearish pressure, as our previously stated resistance at $3.20-30 continued to act as a barrier. Litecoin price may dive sharply moving ahead, as there is a bearish pattern (head and shoulders) forming on the hourly chart. Neckline Break Near? We mentioned in yesterday's post that Litecoin price may head lower as there was a....
Bitcoin price might be in for a larger drop based on the short-term reversal formation but technical indicators are giving a different signal. Bitcoin Price Key Highlights. Bitcoin price seems to be having trouble sustaining its climb, as it started forming lower highs so far this week. A head and shoulders pattern seems to be forming, indicating a potential reversal if price breaks below the neckline around $570. If that happens, bitcoin price could drop to the next visible support around $540. Technical Indicators Signals. The 100 SMA is above the 200 SMA so the path of least resistance....
Bitcoin price has slumped more than 3.5% bringing the bearish Head and Shoulders pattern to near completion. Bitcoin dropped from roughly $254 to $243 which is in close proximity to the target of $241.50. With this loss, the cryptocurrency has erased all the gains for the month of April. Each Bitcoin is currently worth $244. An analysis of the 240-minute BTC/USD price chart reveals that the damage has been done and the price may consolidate or rebound in the coming sessions. Head & Shoulders Pattern - Bitcoin had been forming a Head & Shoulders pattern - a technical bearish reversal....
Key Highlights. Litecoin price settled above a major resistance area that may now act as a support moving ahead (price feed from Bitfinex). There is a chance that the price is forming an inverse head and shoulders pattern on the hourly chart (price feed from HitBTC), suggesting a move higher. A break above a critical area at $3.40 is needed for buyers to take the price higher. Litecoin price is likely forming an inverse head and shoulders pattern, which may encourage buyers to take it higher moving ahead. Inverse Head and Shoulders Pattern. Litecoin price struggle continues to break the....
Shortly before the close of the European session yesterday afternoon (GMT) we published our twice-daily technical analysis piece and highlighted a few of the key levels were watching in the bitcoin price. We also noted a head and shoulders pattern forming, and suggested that - upon completion - this pattern may spell further bearish momentum in the bitcoin price throughout Tuesday evening. Now action has matured overnight, what of levels were keeping an eye on in bitcoin price for Tuesday, and how might we interpret price reaching these levels as far as forming a bias is concerned? Take a....