Key Points Bitcoin price gained bids intraday and traded higher to settle above the $415 resistance area. The price is currently facing a major hurdle near the all-important $420 resistance area. There are many support areas formed on the downside on the hourly chart of the BTCUSD pair (data feed from Bitstamp). Bitcoin price gained intraday to trade near $418-420. Now, can BTCUSD continue trading higher as there are many supports formed on the downside? Bitcoin Price – Trend Lines Support Bitcoin price showed a lot of positive signs during the past few hours, and if we look at the short-term view, then BCTUSD was all bullish. However, can we consider it a change in the trend from bearish to bullish? Only time can tell, but looking at the higher timeframe chart,…
Key Points Bitcoin price may be forming a bearish structure against the US dollar in the near term. March outlook looks negative for the BTCUSD pair, as there is a contracting triangle pattern forming on the daily chart (data feed from Bitstamp) calling for a major break. The price is currently in the 5th wave and may complete near the triangle resistance area. Bitcoin price is eyeing for a break in March 2016. Let us see how it may trade during the remaining part of the week. Bitcoin Price – Break Down? Bitcoin price is trading in a range for the past couple of weeks, but if we look at the weekly chart, then we will know that BTCUSD is actually forming a breakout structure. There is a contracting triangle pattern forming on the daily chart (data feed from…
Key Points Bitcoin price dived yesterday against the US Dollar, but found support near the $405-03 levels. BTCUSD is currently moving higher, and attempting to break a short-term resistance near $412. There is a bullish trend line pattern formed on the hourly chart (data feed from Bitstamp), which can be seen as a support area for the bulls. Bitcoin price broke down yesterday, but managed to hold the $405-00 support area. Now can it recover or challenge $420 once again? Bitcoin Price – Buying favored Bitcoin price broke a channel pattern, which was highlighted in yesterday’s post. However, as I kept saying the $405-00 support area is a major barrier for the bears. The price found support around the same area yesterday, and recovered. The price managed to clear…
Key Points Bitcoin price moved down this past week, and it looks like it may break down in the short term for a move towards $402-00. There is an ascending channel pattern formed on the hourly chart (data feed from Bitstamp), which is at a risk of a break down. BTCUSD is trading well below the 100 hourly simple moving average, suggesting sellers are in control. Bitcoin price failed to trade higher this past week. Currently, BTCUSD is facing a lot of offers and looks poised for a down move. Bitcoin Price – Sell with a break? Bitcoin price showed no signs that the bulls can defend the downside move, and traded below the $410 support area. If we look at all major technical indicators, then there is hardly any sign of the price gaining traction. Looking at the hourly…
Key Highlights Bitcoin price is struggling to make a move higher, as there is a monster resistance formed on the daily chart (data feed from HitBTC). The price is below the 100-day simple moving average, which is acting as a sell area. On the hourly chart via the data feed from Bitstamp, there was a minor bullish break that may encourage buyers in the short term. Bitcoin price is showing bullish signs on the lower time frame chart, but the daily chart is pointing towards a crucial break in the near term. Can Bitcoin Price Recover? Bitcoin price remained under a lot of bearish pressure this week, as there was a monster resistance on the daily chart formed. The price continuously found sellers near the 100-day simple moving average (daily chart and data feed from…