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…
Bitcoin has jumped more than 4% to $456.75 as bulls take advantage of the positive technical undertone. With this, the cyptocurrency has also met our prescribed target of $458. Image So, should you be booking profits now? Let us find that out with the help of technical analysis conducted on a 4-h BTC-USD price chart taken from BITSTAMP. Chart Structure – Bitcoin is now threatening to take out the Triple Top resistance near $465. The resurgent bulls look in complete control of the situation. Bollinger Bands – The cryptocurrency is sustaining above the upper range of the BB, after taking support from the 20 4-h simple moving average of $440. Momentum – The Momentum reading is showing signs of further appreciation; it is currently at 19.3400. Money Flow Index – One…
Bitcoin has been struggling for the past couple of weeks as longs continue to book profits at higher levels near $465. This also makes sense given that the cryptocurrency is overbought from a weekly perspective. Bitcoin is currently trading at $439.71. But, near-term long holders who could not get out near the tops may get another opportunity as a small bounce-back looks imminent. Below are the reasons why I believe so. Image Technical analysis of the 4-h BTC-USD price chart reveals some interesting points. Support from 100 4-h SMA – The 100 4-h simple moving average of $433 is expected to act as a near-term cushion for the cryptocurrency, in case it drops again. Bollinger Bands – Bitcoin is languishing near the lower-end of the BB; such a move generally causes a…
Bitcoin has failed to latch onto the weekly high of $466.64, coming down swiftly to $442.38 in a week dominated primarily by the first US interest rate hike in almost a decade. Interestingly, the cryptocurrency failed at the same level in the previous week also. As the week comes to close on a relatively weak note, it might provide the bears with a much-needed impetus to make bitcoin less expensive. Image We will discuss today the weekly BTC-USD price chart from BITSTAMP exchange. The picture is very similar to what we observed in the previous weekly price technical analysis i.e. bitcoin is overbought from a technical perspective. Bollinger Bands – The cryptocurrency is still trading above the upper range of the BB, clearing pointing that it is overbought from a…