Bitcoin Price Analysis (Week of June 5th)
Bitcoin’s price is continuing its upward trend. This confident growth could be persistent on the long-term scale. Will the price reach $600? The upward trend continues. The upward structure remained intact, as there was no turn at the key resistance line of $512.7. That has caused a new upward surge. So far, the situation indicates that the bulls are holding the advantage, but one should closely monitor the future structure of that movement. Because the upward trend has remained intact, its key levels have shifted. The new point where most traders could become active is $554.7. That....
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The current Bitcoin price correction, since the 30 June high around $265 and 1665 CNY, has been tracing a path similar to the previous 17-25 June correction. Should the market take this pattern to its logical conclusion, we can expect another advancing wave and for trade to take price to a new high. However, alternate scenarios may be introduced by developments in Greece, this weekend, and technical analysis looks for the pivotal price levels traders should look out for. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and....
BTC price at press time: US$249.45. Last week’s price alert began with: “Thus far things seem different. The one thing that continues to make me weary is the lack of volume. If we are going to have a truly sustainable advance, volume needs to pick up and price needs to burst through big resistance at the 200-day Moving Average at ~US$258. As long as price remains above the 50-day, a neutral to bullish stance should be taken.” The price reached a high of ~US$252 and has now come down to ~US$249 and thus far the price has been consolidating above these two moving averages, which it has been....
Bitcoin price is surging. The price of the cryptocurrency has scaled the $700 milestone in a formidable October rally. The current rally, the likes of which hasn’t been seen since June 2016 when bitcoin price jumped from $578 on June 10 to $794 to $766 on June 16, in less than a week. At the time, demand for bitcoin rose significantly with investors turning to the cryptocurrency in anticipation of the UK’s EU referendum which saw Britain exit the European Union. The latest jump in a near month-long sustained price swell began early this weekend. The Bitstamp Price Index (BPI) registered....
BTC price at press time: US$243.25. The midweek price alert began with: “Bitcoin has finally broken above the noted 50-day Exponential Moving Average (EMA) at US$232 and done so with force. It now also sits above the 100 day EMA (~US$242) as well. It’s possible a change of trend could be underway, but it is still too early to tell. This move has been made on very small volume and On Balance Volume confirms this. If the trend is truly going to change, volume should ideally come in.” The price reached a high of ~$256 and has now come down to ~US$243 and thus far the price has been....
This week has been interesting has been full of surprises to say the least. From January 13th to January 15th Bitcoin dropped from a weight priced of 264.35 on Bitstamp to a weighted price of 178.83 exactly 48 hours later. Equivalent to around a 32.4% drop in price in only just two days, it was a reminder that Bitcoin is still a young and volatile currency. While the price has gone back up a little bit (price of Bitcoin is at $210.58), Bitcoin is still down 22.21% this week, as of January 18th. Most if not all cryptocurrencies went down with the main exception being Nushares, which is up....