Bitcoin Price Technical Analysis for 02/13/2017 – Catch the Drop on a Pullback

Bitcoin price just recently came off a quick drop and may be ready to resume its slide after this pullback. Bitcoin Price Key Highlights. Bitcoin price has formed lower highs recently, suggesting that a short-term drop may be in the cards. Price is making a quick pullback from its recent drop, possibly to make a retest of the broken support at the 100 SMA. Price is still hovering around an area of interest at this point so it could be anyone’s game. Technical Indicators Signals. The 100 SMA is still below the 200 SMA so the path of least resistance is to the downside. However, the gap....

Bitcoin price is pulling up from its recent dive, offering a better entry point for sellers looking to catch the downtrend. Bitcoin Price Key Highlights. Bitcoin price recently made a break below the triangle consolidation pattern as illustrated in the previous update. Price rebounded off the $436 area and is showing a possible correction play. Any of the nearby inflection points might hold as resistance, all the way up to the broken support at $455. Technical Indicators Signals. The 100 SMA is above the 200 SMA on the 4-hour time frame so the path of least resistance might still be to the....

Bitcoin price might be in for a quick pullback to the broken triangle support before carrying on with its drop. Bitcoin price has formed a small double bottom pattern, indicating that a quick rally could take place. This could stall around the broken triangle support near the $430 level and the 61.8% Fibonacci retracement level. A shallow pullback could last until the 50% level or the $428 mark, which is also near the dynamic resistance at the moving averages. For now, the 100 SMA is above the 200 SMA but a downward crossover could confirm that the selloff is about to resume. An even....

Ethereum price might be ready to resume its drop to its previous lows or much lower after correcting to an area of interest. Ethereum price had been moving inside a range between resistance near 0.00230 and support at 0.00215 before breaking to the downside. Price dipped to a low of 0.00205 before showing signs of a pullback. Using the Fibonacci retracement tool on the latest swing high and low shows that the 50% level lines up with the broken support, which might now hold as resistance. Ethereum price might be ready to resume its drop to its previous lows or much lower after correcting to....

Bitcoin Price Key Highlights. Bitcoin price achieved yet another new high, surging past the $350 minor psychological barrier onto a peak of $378 so far. This strong rally could inspire profit-taking activity towards the end of the week, as traders reduce risk ahead of top-tier U. S. data releases. Bitcoin price has been on a very strong uptrend but a large correction might be possible, offering the opportunity to catch the rally at a better price. Support at Trend Line and Fibs. In the event of a large pullback, bitcoin price could still draw support around the Fibonacci retracement levels....