Bitcoin continues to trade under pressure as bears make numerous attempts to break the floor of $220-225 on the eve of the expected U.S. Fed interest rate hike. Just as lowering the interest rates is considered equivalent to pumping money into the system, raising the interest rates is considered sucking out the money from the system. Therefore, if the U.S. Federal Reserve decides to call its first interest rate hike since 2009, it will lead to tightening of the US dollar flow in the system. The US dollar being one of the most preferred safe-havens is therefore expected to see a huge rush from market participants. This may put pressure on the BTC-USD pair. Bitcoin is currently trading at $228.89, down 0.7 percent or $1.6. Image:…
Bitcoin has had a very quiet start to this week after the bulls failed to protect their support level of $235 during the last Sunday. The cryptocurrency recently took support from the mentioned technical level and rebounded to $240 before the selling pressure humbled the buyers. Bitcoin is now trading at $230.49 and is being pressured to stay below the breached support which will now act as a resistance. Image: https://www.tradingview.com/x/WTGy12Ri/ The bears have reasserted their dominance. The upward biased price structure has been damaged and the technical indicators have turned bearish once again. But $220-225 being an extremely strong weekly support, will it be breached? Bitcoin Chart Structure – After violating the level of $235, Bitcoin skid to test the…
In yesterday’s market session, bears came charging down on Bitcoin causing a 1.66 percent drop in the price and pushing it below the $240-mark. At $239.03, Bitcoin is now in close proximity to the support provided by the horizontal line and is currently sustaining at the 30-day SMA OF $236.9643. Image: https://www.tradingview.com/x/e4VT70QL/ However, the correction is not surprising given the number of resistances that Bitcoin has to cross if it is to reach its target of $260. But, is this correction an opportunity that market participants should pounce on, or is it signaling a short-term trend reversal? Let us find out through the latest technical considerations obtained using the daily BTC-USD price chart. Bitcoin Chart Structure – Bitcoin’s faltering is…
In the previous Bitcoin price analysis, we had concluded that Bitcoin is going through a healthy correction and market participants should use it as an opportunity to create light long positions by placing a stop-loss below the support of $235. As can be seen, Bitcoin has rebounded swiftly after retesting the support line and this may initiate the second leg of the rebound. The target for the upside is $260. Take a look at the latest technical factors keeping the cryptocurrency afloat. Bitcoin Chart Structure – Currently trading at $240.70, Bitcoin is only slightly up from yesterday’s $239.03. The highlight of the yesterday’s session i.e. the support retest and the subsequent rebound should give confidence to the bulls. Fibonacci Retracements – A factor which…
Bitcoin is currently trading at $242.03, just slightly above the previous observation of $241.01. And today we will discuss two important resistance levels which are expected to play a crucial role in the coming sessions. Image: https://www.tradingview.com/x/zBpDSbHk/ Listed below are the latest technical indications drawn from the daily BTC-USD price chart. Bitcoin Chart Structure – As Bitcoin rises, it must be noted that the cryptocurrency has been unable to cross $244 in numerous attempts in the past couple of sessions. The support for Bitcoin is near $235. Fibonacci Retracements – Another reason why $244 merits the status of resistance is because of its close proximity to the 38.2% Fibonacci retracement of $243.84. But, this will be taken out eventually and…
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. Image: https://www.tradingview.com/x/XHPwVVph/ 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 high of $237.66. However, things will change significantly in favor of the longs if Bitcoin pierces above $235 (marked as the…