Bitcoin Price Technical Analysis for 01/20/2017 – Bearish Pressure Getting Stronger

Bitcoin Price Technical Analysis for 01/20/2017 – Bearish Pressure Getting Stronger

 Bitcoin Price Key Highlights Bitcoin price is still moving inside its ascending channel pattern on the 1-hour chart but bears seem to be pushing for a downside break. Price has been hovering too close to the channel support for quite some time, which means that bulls are having trouble sustaining the climb. A break below the channel support could mark the start of a selloff until the next lows at $700-750. Bitcoin price is encountering a lot of roadblocks on its move up north for now so bears might take advantage and push for a drop. Technical Indicators Signals The 100 SMA has just crossed above the longer-term 200 SMA to show a pickup in buying momentum. Also, the short-term moving average is close to the channel support, adding to its strength as a floor....

Bitcoin Price Technical Analysis for 01/19/2017 – Time for a Quick Pause

Bitcoin Price Technical Analysis for 01/19/2017 – Time for a Quick Pause

Bitcoin Price Key Highlights Bitcoin price is still on a short-term uptrend, as illustrated by the ascending channel formation in a previous article. Price is now testing the channel support, which lines up with a longer-term broken trend line. Bullish pressure seems to be returning at this point, possibly sending bitcoin price back up to the near-term highs and beyond. Bitcoin price has just bounced off a confluence of support levels, but technical indicators are giving mixed signals for now. Technical Indicators Signals The 100 SMA seems ready to cross below the longer-term 200 SMA on the 4-hour time frame to suggest that the path of least resistance is to the downside. This could push bitcoin price back below the descending trend line resistance connecting the...

Bitcoin Price Technical Analysis for 01/18/2017 – Bullish Channel Intact!

Bitcoin Price Technical Analysis for 01/18/2017 – Bullish Channel Intact!

Bitcoin Price Key Highlights Bitcoin price continues to tread higher slowly, moving inside an ascending channel pattern visible on its 1-hour chart. Price just tested the channel resistance on a new wave higher and might be on its way towards testing support. Technical indicators also seem to be warming up to the idea of an uptrend in bitcoin price. Bitcoin price is still safely inside its ascending channel, with technical indicators confirming that the climb could carry on. Technical Indicators Signals The 100 SMA is attempting to cross above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This means that the uptrend is more likely to continue rather than to reverse. In addition, the moving averages are close to the...

Bitcoin Price Technical Analysis for 01/17/2017 – Calm Before the Storm?

Bitcoin Price Technical Analysis for 01/17/2017 – Calm Before the Storm?

Bitcoin Price Key Highlights Bitcoin price is still treading sideways as traders wait for more market clues after the recent selloff. Price seems to be trending slightly higher on the short-term time frames, hinting that bulls are intent to keep losses in check. Technical indicators on the 15-min chart also suggest that further gains are possible. Bitcoin price is stuck in consolidation as a potential breakout looms with top-tier catalysts on deck. Technical Indicators Signals The 100 SMA crossed above the longer-term 200 SMA on the 15-minute time frame, indicating short-term upside pressure. Also, the 100 SMA has been holding as dynamic support recently, with the gap between the two moving averages growing to show stronger bullish momentum. If so, bitcoin price...

Bitcoin Price Technical Analysis for 01/16/2017 – Pulling Out of the Drop?

Bitcoin Price Technical Analysis for 01/16/2017 – Pulling Out of the Drop?

Bitcoin Price Key Highlights Bitcoin price was previously trading inside a descending channel visible on its 1-hour time frame but bulls seem to be putting up a fight. Price is starting to break out of its downtrend pattern, signaling that an uptrend might be in the cards. Stronger bullish pressure could push price past the next inflection points and onto the January 5 highs. Bitcoin price seems exhausted from its dive and might be looking to start a climb once more. Technical Indicators Signals The 100 SMA is still below the longer-term 200 SMA so the path of least resistance is to the downside. However, bitcoin price has already moved past the 100 SMA dynamic inflection point and is making its way towards testing the 200 SMA. A break past that area could be an...