$9,100 Bitcoin price possible if volume and price action stay sideways
Receding volume and sideways price action signal that Bitcoin price volatility will increase soon. The markets have been relatively dull for the past 2 months as the price of Bitcoin (BTC) has been sustaining between the $10,200-$11,000 range. In recent days, the range has been narrowed even further, leading some traders to forecast a breakout. However, Bitcoin’s price hasn’t been showing any direction, while altcoins have taken a downward slope. The majority of the markets have been in massive corrections and this isn’t a strong signal for the total market. Bitcoin price is stuck in a....
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The bitcoin price did stay below $220 for a while today. Some big buy orders pushed the price back up and the BTC/USD is currently struggling to stay above the $220 level. Bitcoin price trailing sideways again. In the meantime, the volume has been slowly drying up as the trades executed in the last 24 hours didn't even surpass the $15m barrier. It's clear enough that the resistance at $220 wasn't strong enough to keep the price above this level. Some huge sell orders caused BTC/USD to trail sideways for several hours. More bearish activity is to be expected despite the few seemingly....
Here's a look at what we are focusing on in the bitcoin price this morning. At the end of last week, we noted that action in the bitcoin price had been relatively flat for the majority of the week, but that heading into the weekend we might see an increase in volatility, based on some inflated volume. In turn, we suggested that we might see a price rise, and finally get out of the sideways trend that price has been stuck in for what seems like close to a month now. As things turned out, we did see this spike, and action over the weekend has given us plenty to go at for today’s session of....
Bitcoin price has drawn sideways around $450 (Bitstamp) for most of the day before making a rounded push higher. The decline may be over but additional price action is needed so soon after the strong upside reversal. The attached 15-minute chart shows price action since early May. A few chart annotations relating to previous analysis are visible, but today’s analysis focusses only on the drop since yesterday. It is unclear whether price has found support at the $450 level, and will now begin another slow push higher, or whether the sideways price action is setting up the next leg of....
Bitcoin price is drawing sideways above $410. With plenty of volume – both on the buy and the sell side – we can expect that the market will soon choose a direction. Clear support and resistance close to the area of price will give an early indication of trend. Interesting price action that has drawn sideways for 24 hours and now attempts to push higher toward resistance. It could be that a complex correction is developing, that could seek to target the long-term resistance ceiling (grey). Alternatively, we might see price reverse at the dark blue trendline, directly above price action,....
During the past few days, Bitcoin has faced a strong upside resistance around 220, indicating the buyers' hesitancy to enter the low valued market. For obvious reasons, the same market movements are getting noticed in Litecoin-USD charts where the price is moving sideways in the absence of mention-worthy trading volume. As price continues to stay between its prevailing support/resistance levels, the market volatility has subsequently dropped (the congested Bollinger Band in the 1H chart below). The lower volatility further indicates the positions that seem unattractive to new and seasoned....