Bitcoin rises more than 2 percent to $430.21, nearing our year-end target of $440. In the previous price technical analysis A No Trade Market, we mentioned that an increasing MFI often causes price appreciation, and we are witnessing just that. The question now is: Would bitcoin be able to extend the gains or will it retrace its steps? Let us try to predict this with the help of technical analysis conducted on the 240-minute BTC-USD price chart. Image Chart Structure – From the chart above, it can be observed that the cryptocurrency has risen to near the previous low (marked in green) and seems to have hit a roadblock. The level is expected to cap the upmove in the near-term. Bollinger Bands – While the 20 4-h SMA was earlier capping the gains, bitcoin is now…
Bitcoin is seeing a tepid start to this week as neither the bulls nor the bears exert any pressure on the other. The cryptocurrency looks relatively calm in the low-volume season, as do the technical indicators. Market participants should refrain from excessive trading in such conditions. Bitcoin is currently trading at $421.53. Image The technical indicators overlaid on the 4-h BTC-USD price chart from BITSTAMP are giving mixed signals. This, coupled with the lackluster price action, is compelling me to advise that this is a no-trade market, and one should wait for better opportunities to trade. Chart Structure – As discussed in the previous bitcoin price technical analysis Watch These Resistances, the cryptocurrency has failed to overcome the selling pressure…
Bitcoin is currently staging a weak technical rebound from lows of $410, but the cryptocurrency faces two resistances which might stall the recovery process. The previous bottom of $433 is expected to act as the primary or immediate resistance. The level of $465 remains a major hurdle for bitcoin. Bitcoin is trading at $426.04, adding to yesterday’s gains. Image There are other technical indications as well which the market participants should be aware of. We will analyze the 4-h BTC-USD price chart from BITSTAMP to discuss them. Bollinger Bands – Bitcoin survived the abrupt fall with support from the lower range of the BB. The 20 4-h SMA also coincides with the resistance posed by the previous bottom. This strengthens the level of $433 as a blockade. Momentum –…
The Christmas isn’t turning out to be merry for Bitcoin. The cryptocurrency is struggling near the overhead resistance of $465. It is now trading 1.28% lower at $450.89, raising concerns that the market participants might pull out their funds in the holiday season. As a result, several technical indicators are also showing declines. Image We advised in the previous Bitcoin price technical analysis Target Achieved that traders should book at least partial profits in their long positions. And for today’s analysis, we will again be using the 4-h BTC-USD price chart from BITSTAMP. Chart Structure – Bulls once breathed heavy when bitcoin pierced $450 quickly. The cryptocurrency, however, is expected to take support near $440. The 100 4-h SMA of $443.3904 and the 20…
If we were to look just at the price, bitcoin is trading on a flat-to-negative basis at $438.90. However, one glance at the underlying technical indications corroborates our view that a rebound may be in the offing. In the past 24 hours, bitcoin has witnessed significant improvement in the technical readings and taken support from our prescribed level, all of which has been discussed below. We have analyzed a 4-h BTC-USD price chart from the BITSTAMP exchange. Image 100 4-h SMA continues to provide cushion – Bitcoin touched a low of $433 yesterday, a level which we specifically mentioned as the key support for the cryptocurrency. The cryptocurrency should now tackle the immediate resistance from the 20 4-h SMA of $442. Momentum – We also pointed out earlier that…