Bitcoin Price Technical Analysis for 8/9/2015 - A Couple of Resistances
Bitcoin is currently trading at $242.03, just slightly above the previous observation of $241.01. And today we will discuss two important resistance levels which are expected to play a crucial role in the coming sessions. Listed below are the latest technical indications drawn from the daily BTC-USD price chart. Bitcoin Chart Structure - As Bitcoin rises, it must be noted that the cryptocurrency has been unable to cross $244 in numerous attempts in the past couple of sessions. The support for Bitcoin is near $235. Fibonacci Retracements - Another reason why $244 merits the status of....
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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. The Christmas didn’t turn out to be merry for the bulls, and it looks like that with the majority of the market participants enjoying the year-end festivities, the cryptocurrency might not cross $465 in haste. The technical indicators are clearly reflecting the bearish undertone. I expect a broad....
The popular saying Another Day, Another Dollar seems very apt in the current Bitcoin market which is seeing gains of a dollar a day. Since our previous observation at $242.03, Bitcoin has added $1 to be trading at $243.08. And not much has changed in the chart structure and the technical picture in the past 24 hours. Take a look at the latest case for Bitcoin. Bitcoin Chart Structure - We discussed in the previous Bitcoin price analysis A Couple of Resistances that the cryptocurrency was struggling to cross $244, however, the price went on to hit an intraday high of $246.24 later in the....
Just as we discussed in the previous Bitcoin price technical analysis that the US Federal Reserve raising the interest rates will put pressure on the BTC-USD pair, the inaction on part of the central bank has buoyed the pair. BTC/USD is currently trading up roughly 2 percent at $232.72. The US Fed has decided to hold rates steady citing global economy worries. Fed Chair Janet Yellen said developments in a tightly linked global economy had in effect forced the U. S. central bank's hand. The Fed Rebound - the rebound in Bitcoin price due to Fed - doesn't change the technical picture much but....
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. 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....
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. Bitcoin is well poised to increase its duration inside the $400-440 range, at least for the next couple of sessions. There is a high probability....