The Bitcoin Price Consolidation Continues

Bitcoin price continues trading into a narrowing range and the market seems to have foregone decline in favor of consolidation. The consolidation floor and expectations going forward are discussed below. Yesterday’s analysis stated that, barring a bullish resurgence, the 1-hour chart stochastics imply bearish bias. The hope was expressed that, if decline sets in, it will be contained above $500. Well, today’s chart saw price decline according to the stochastic indication and, additionally, it appears that the correction since the June high has reached a consolidation floor at Bitstamp $600....

Bitcoin price continues slumping as the smaller timeframe chart indicators continue to swing wildly. The chart signals are mixed. The 1hr chart’s indicators have become meaningless as the range of price narrows during apparent ongoing consolidation. The 1hr chart is, therefore, not anything to go by. At the 4hr timeframe (above) we’ve just had a series of five advancing waves fall away from yesterday’s high. Price is still below the 4hr 200MA (at the red arrow) and the 4hr stochastics (top, blue circle) are falling away from their maximum. A low will, conceivably, only be struck when the....

Bitcoin price pulls lower toward horizontal support near $560. The outlook remains that the market is engaged in a sideways base formation prior to advance. Price is returning to the consolidation floor today and we watch to see if the support zone above $560 holds. The 4hr chart has its stochastics (magenta circle, top) falling lower – even before they could group at maximum. Notice how RSI (just below the stochastics) has not formed reverse divergence to the upside on today’s high. This is an encouraging sign since the lack of divergences in RSI implies consolidation – narrowing price....

Bitcoin is still struggling to break out of the cage that is the $40K-$44K price range. Reaching this level has not been the problem for the digital asset, but successfully breaking above it and maintaining consistent momentum above the $45,000 price point has been the biggest hurdle. Consolidation continues to be the name of the game. But how soon will this come to an end? Bitcoin Is Still Consolidating Bitcoin has continued to consolidate in recent times. It had broken through $40,000 three times already in the first two months of 2022 and the recent break above this point marks the....

Litecoin started the week mostly in a tight consolidation between roughly 1.45 and 1.50 as we can see in the 1H chart below. Litecoin (LTCUSD) 1H Chart, April 14. Towards the end of the session, the price action of litecoin broke below the 1.45 low and dropped to 1.36 before stalling. Here are some other technical observations from the 1H chart:1) The breakout is continuing an expected process of “chewing” a tail created by a downward spike last week that created a new low on the year around parity (1.00). 2) Price remains under the 200-, 100-, and 50-hour simple moving averages (SMAs),....