Bitcoin Price Key Highlights Bitcoin price made a sharp much-needed tumble after price hit record highs around the $1200 area. As predicted in an earlier article, that long-term resistance level is likely to inspire a lot of profit-taking that might unwind the cryptocurrency’s gains. Price is still trending higher on the daily chart, though, and bulls might be eager to hop in the climb at these bargain prices. Bitcoin price suffered a sharp crash upon hitting a strong ceiling, inspiring a major pullback that could revive bullish interest. Technical Indicators Signals The 100 SMA is safely above the longer-term 200 SMA on the daily chart so the path of least resistance for bitcoin price is still to the upside. In addition, the gap between the moving averages…
Bitcoin Price Key Highlights Bitcoin price followed through with its long-term bullish candlestick continuation pattern. Price has already taken out the record highs around $1200 at the very start of this year, hinting that further gains are in the cards. Bitcoin seems to be setting its sights on the $1300 major psychological level next as the bullish momentum seems unstoppable for now. Bitcoin price is starting to establish new record highs, indicating a strong start for 2017 on increased investor interest. Technical Indicators Signals The 100 SMA remains above the longer-term 200 SMA on the weekly time frame of bitcoin price, still showing that the path of least resistance is to the upside. The gap between the moving averages seems to be widening now after a…
Bitcoin Price Key Highlights Bitcoin price is still trading inside the ascending channel illustrated in an earlier article, signaling that bullish momentum is in play. Traders have been waiting for a decent pullback to reestablish long positions but it seems that the correction was pretty shallow. Price found support at $1050 before making another attempt to break past the channel resistance. Bitcoin price has its sights set much higher and is making another push past the ascending channel resistance for a sharper climb. Technical Indicators Signals The 100 SMA is still on the 200 SMA on the 1-hour time frame so the path of least resistance is to the upside. The short-term moving average coincides with the channel support at $1000 while the 200 SMA is just…
Bitcoin Price Key Highlights Bitcoin price seems unstoppable in its climb, as the long-term charts feature a bullish candlestick formation. At the moment, price is moving inside an ascending channel on its 1-hour chart and is currently testing resistance. If this holds as a ceiling, traders could see the much-awaited pullback that could draw more bulls to the mix. Bitcoin price continues to trend higher but the ascending channel on the 1-hour chart offers pullback opportunities. Technical Indicators Signals The 100 SMA is above the longer-term 200 SMA on this time frame so the path of least resistance for bitcoin price is to the upside. The short-term moving average coincides with the bottom of the channel at the $1000 psychological level, adding to its strength…
Bitcoin Price Key Highlights Bitcoin price was off to a good start for the year, as three long green candles are forming on the weekly time frame. This reflects strong bullish pressure onto the first trading week of January, perhaps an omen of how price action could turn out for the rest of the month. Price has taken out the long-term resistance at the $1000 mark and is setting its sights on the next ceiling at $1100. Bitcoin price seems unstoppable in its climb as it kicked off 2017 on a strong bullish note with these candlestick formations. Technical Signals The 100 SMA is still above the longer-term 200 SMA on this time frame, signaling that the long-term path of least resistance is to the upside. Also, the gap between the moving averages seems to be widening…