Bitcoin Price $600 Pullback
Bitcoin price has made little progress during the past week and the market is falling away from $600 (Bitstamp). The depth of the downward correction is uncertain and we look for potential support levels. The 1-hour 200MA (red) comes back into focus as price falls away from $600 and below a trendline (grey) that has supported advance until last night. The trendline draws similarly in most of the USD exchange charts but had been breached on Sunday in the CNY charts. However, the position of price below this trendline is not yet a definitive bearish signal. A clearer bellwether of downward....
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Bitcoin price might be in for a quick pullback to the broken triangle support before carrying on with its drop. Bitcoin price has formed a small double bottom pattern, indicating that a quick rally could take place. This could stall around the broken triangle support near the $430 level and the 61.8% Fibonacci retracement level. A shallow pullback could last until the 50% level or the $428 mark, which is also near the dynamic resistance at the moving averages. For now, the 100 SMA is above the 200 SMA but a downward crossover could confirm that the selloff is about to resume. An even....
During the April 22nd session, bitcoin uncoiled upwards. The 1H chart shows not only a breakout from volatility, but also above consolidation resistance near 230. As the session wound down, the rally stalled around 239 at which point price stalled and formed a bearish divergence with the RSI. (When price makes a higher high and the RSI a lower high). Bitcoin (BTCUSD) 1H Chart April 23. After finding resistance at 239 along with the bearish divergence, price retreated as the April 23rd global session began. The pullback has been weak so far, holding around 233. The technical conditions in....
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