Bitcoin Price Extends Decline, Could Test $112K Before Bulls Return

Bitcoin price is correcting gains from $116,500. BTC is now consolidating and might start a fresh decline if it stays below the $116,500 resistance zone. Bitcoin started a fresh increase above the $115,000 zone. The price is trading below $115,500 and the 100 hourly Simple moving average. There is a bearish trend line forming with resistance at $115,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $116,500 zone. Bitcoin Price Struggles To Continue Higher Bitcoin price started a fresh upward wave above the $113,500....

Bitcoin price continues drawing sideways in a narrowing range. Will it return to decline? A test of the Fib line just below price (near $370 and 2530 CNY) should be the next market undertaking, and failure of this support should open up any remaining decline in the downtrend since December. If the market can hold the current price level and then advance to a new local high, we could see some light at the end of the tunnel, but there is not yet any evidence that a final low has been struck.

Bitcoin price soared last week to break out of the bearish trend that has been controlling the market since November, 2014. Last Friday, the price breached the US$256 resistance level that has been rather immune since a high of around US$268.55 was scored back on February 15. To better understand the market's trend before the bullish rally took over, we shall analyze the 4 hour Bitfinex BTCUSD chart (see: chart below). “[…] we predict that BTC price is likely to rise to test the next resistance level at US$300 next week.” Bitcoin price seems to had been trading along a triangle-like....

Bitcoin price extended its decline below the $33,000 support zone against the US Dollar. BTC is currently recovering and it must stay above $30,000 to avoid a larger decline. Bitcoin extended its decline below the $33,500 and $33,000 support levels. The price is currently well below $35,000 and the 100 hourly simple moving average. There […]

Bitcoin started a strong decline below the $40,000 support against the US Dollar. BTC might recover, but upsides might be limited above $38,000. Bitcoin started a major decline below the $40,000 and $38,000 support levels. The price is now trading below $38,000 and the 100 hourly simple moving average. There is a key bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if there is a break below the $34,000 support. Bitcoin Price Extends Losses Bitcoin price started a major decline below the....