Key Points Bitcoin price dived against the US Dollar before ending the week and closed below $1000. The BTC/USD pair is now back trading higher, but facing a major confluence resistance near $960-980 on the 4-hours chart (data feed from SimpleFX). The price is also below the 100 simple moving average on the same chart, which may act as a resistance near $975. Bitcoin price after a major downside move towards $820 against the US Dollar started recovering. Can BTC/USD overcome the $980 resistance again? Bitcoin Price Resistance We saw this past week how Bitcoin price made a new all-time high against the US Dollar to trade above the $1150 mark. Later, there was a solid downside move, taking the price lower by more than 20%. The price fell below the $1000 level and…
We’ve come to the end of the week for our daily bitcoin price analysis, and it has been quite an interesting one, to say the least. After the initial sharp run we saw last Sunday (which came on the back of a previous run seen throughout the holiday period) and the follow-through heading into the middle of the week, price seemed to have had enough, and took a nose dive. The bitcoin price broke support at 1200, 1100, then 1000 – levels we had smashed through just days earlier, and fell to find what amounts to (albeit weak) support around current levels. What happens from here on out is anyone’s guess. If this author was to have a go at a near term forecast, I reckon current levels will serve to hold as support, and then we’ll see a run back up to test…
So the end of the week is here, and it’s time to take a penultimate look at the bitcoin price market before we kick off the weekend. Price has been pretty volatile across the last few days, and with this volatility has come plenty of opportunity to get in and out of the markets according to our intraday strategy. It has also altered the way we approach things a little. Because of the volatility, we’ve been able to widen out our range somewhat, and while this may sound a bit counterintuitive, we’ve got to head on in to the lower timeframes to get a more accurate representation of what we are looking at. Why? Because of the way price is displayed across the charts. This fresh year has brought with it such a wide high-low divide, that the charts…
I’m tempted to stop writing these bitcoin analyses. Everything was running smoothly until I warned of a correction yesterday, and since then, things have just gone south. Well, we got a slight correction last night, some consolidation this morning, and then when we published an analysis early morning out of Europe, suggesting we may see a further decline towards the 1000 level, things started to fall again. As the chart below will show, the bitcoin price did fall towards this level, and has in fact broken it. At time of writing, we’re currently trading somewhere in the region of 980. It’s a bit disappointing from a long term holding perspective, but from an intraday perspective, ‘t’s been pretty good. Those that were with us this…
In yesterday evening’s analysis, our core focus was preparing for a large pullback on the gains we had seen across the last week or so. We surmised that the bitcoin price couldn’t just keep rising unchecked – at some point, people take profits off the table. As it turned out, when we published our evening analysis, we were only hours away from this correction. Price reached the 1300 level (which was a natural resistance level, we’ve talked about these sorts of psychologically important levels in the past), ran along sideways with that level for a while, then collapsed. Lows reached just ahead of 1050, before price bounced a bit and then consolidated into this morning’s action. To be fair, the collapse wasn’t as serious as it might have been. ON…