Bitcoin price moves toward $40K as on-chain and technical analysis favor bulls
Bitcoin price is still 38% away from its all-time high but a handful of technical indicators suggest bulls are gathering strength. Bitcoin (BTC) price saw a bullish turn of events on June 13 as the price broke out to $39,252 but many analysts are still on the fence when it comes to determining whether the digital asset is ready to continue its uptrend. To date, the crypto market remains on edge and is two months removed from Bitcoin’s all-time high near $65,000. A market analysis from Delphi Digital identified a “major head and shoulders pattern” that could “spell more short term pain if....
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The highly volatile digital currency seems to have gone into a hibernation mode, barely moving in the past one week. As mentioned inyesterday's analysis, the bulls are finding it tough to pose serious threats to the shorts as Bitcoin still lingers around $290. Technical analysis on the 240-minute BTC/USD price chart reveals that the consolidation period may extend for a while. Moving Average Convergence Divergence - The Signal Line is slowing catching up with the MACD and as a result, the Histogram value is retracting to 0. A declining Histogram value indicates that the bulls are losing....
Bitcoin continues to respect the neckline resistance as markets brace up for the showdown between the Greek government and its creditors this weekend. Overcoming the supply pressure near the resistance line has certainly proved to be a hard task for the bitcoin bulls, but I am expecting a big move to rock the market by the end of this week. Bitcoin can be seen trading up 0.64% at $269.41. Technically, things look poised in favor of the bulls which may eventually help them take out the resistance and may be, the price even heads towards $300 then. Check out the technical considerations from....
As expected, Bitcoin has ended its boring period over the weekend and things have taken an interesting turn as the price rose above strong resistance levels. Bitcoin has jumped 1.4% since Friday's observation to trade at $232.17, a level which is eagerly watched by all market participants. And technically, the current market conditions strongly favor the bulls. Technical analysis of the above presented 240-minute BTC/USD price chart conveys that bulls might eventually take the price higher to $245. Bitcoin Chart Structure - As can be seen from the chart above, consistent buying has pulled....
It has been six consecutive days since Bitcoin took a wide swing on either side. The price has been trapped inside a narrow of $273-283. Bitcoin is currently trading up 0.70% at $277.94. One thing that has happened for the bulls is that the technical indications have improved, but only very slightly. Among these, the Momentum reading which has been a strong reason to worry has shown a tremendous appreciation. Take a look at the technical observations drawn from the daily BTC-USD price chart below. Bitcoin Chart Structure - Consolidation in the cryptocurrency enters the seventh day as....
In the previous Bitcoin price technical analysis titled Indicators Turning Positive, we discussed that the market participants should remain short on the cryptocurrency. Since then, Bitcoin has touched a high of $235.93 and a low of $226.31 very recently. This was another failed attempt by the bulls, and a further 3-4 percent cut will complete jeopardize their plans. Take a look at the latest technical indications provided by the daily BTC-USD price chart. Bitcoin Chart Structure - There was another reason that made the recent jump unimpressive: Bitcoin failed to head above its previous....