Bitcoin Price Technical Analysis for 26/01/2016 – Quick Selloff Brewing?
Bitcoin price might be in for a sharp drop, pending a break below the head and shoulders neckline and the impact of the FOMC statement on dollar trends. In particular, the upcoming FOMC statement could be crucial in setting the tone for financial market trends. No actual monetary policy changes are expected for now since the Fed just hiked rates in December and reiterated that they would tighten at a gradual pace. Still, the outlook for their future policy changes could have an impact on dollar movements this week, as an inclination for hiking rates again this March might lead to strong....
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Bitcoin price just recently came off a quick drop and may be ready to resume its slide after this pullback. Bitcoin Price Key Highlights. Bitcoin price has formed lower highs recently, suggesting that a short-term drop may be in the cards. Price is making a quick pullback from its recent drop, possibly to make a retest of the broken support at the 100 SMA. Price is still hovering around an area of interest at this point so it could be anyone’s game. Technical Indicators Signals. The 100 SMA is still below the 200 SMA so the path of least resistance is to the downside. However, the gap....
Bitcoin price could be due for a quick selloff at this point, as profit-taking might happen ahead of the weekend and next week’s EU referendum. Bitcoin Price Key Highlights. Bitcoin price has been on a tear these days but some technical indicators are hinting at an exhaustion. Price is closing in on the $800 level, which is an area of interest visible on longer-term time frames. If a selloff is seen at the current levels, it could find nearby support at $700. Technical Indicators Signals. The 100 SMA is above the 200 SMA for now so the path of least resistance is to the upside. In....
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....
Bitcoin price could be due for another steady drop if the trend line and Fibonacci retracement levels hold as resistance. Applying the Fibonacci retracement tool on the latest swing high and low shows these resistance levels: 50% Fib at $411.66 and 61.8% Fib at $418.72, which is close to the trend line at $420. In addition, the 200 SMA could hold as a dynamic inflection point, keeping gains in check and allowing the selloff to resume as this lines up with an area of interest or former short-term support zone.
Bitcoin price made a break of the short-term trend line support, signaling a potential selloff from here. Bitcoin Price Key Highlights. Bitcoin price had been moving above an ascending trend line on its 1-hour time frame. Price just made a downside break of support as risk aversion seems to be back in the financial markets. This could be an early signal of a pending selloff, although technical indicators are still giving mixed signs. Technical Indicators Signals. The 100 SMA is starting to cross above the longer-term 200 SMA, which suggests potentially stronger buying pressure. If so,....