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Technical Analysis: Explaining the Weekend Bitcoin Price Rally

Source: bitcoin

Technical Analysis: Explaining the Weekend Bitcoin Price Rally

The prevailing bitcoin price resistance was overcome by a little flag pattern this past week, which ultimately launched prices up to recover a technical objective at $820.

Also read: CoinAgenda Brings Blockchain Leaders to Vegas on October 25

Bitcoin Price Technical Analysis

Long-Term Analysis

After prices overcome the psychological trigger zone area among $620 and $650, the current phase points to a technical goal near $820.

According to Elliott Wave Theory, the current movement should reach a higher scenario through the 5th phase, from where profit taking would be considered. The old trendline, started in 2013, could be very useful at this stage because quotes still recognize its reference, reflecting that pioneer bitcoin holders could be back in the action with a big hedging marketplace.

Mid-Term Analysis

According to indicators, prices could climb to the next congestion area at the $800 level. From there, a big bout of profit taking is expected through another lateral sideways market—like the one we had seen since August—without any bear movement.

Instead, traders will capitalize on the idea of a renewed, upward march, building a level of support that should be confirmed during November. B

Bullish consensus is still getting stronger, and many technical analysts are coinciding on the bullish chance for late October, while the late 2016 period could be analyzed into a euphoric bubble beyond $820 in a third technical phase.

Short-Term Analysis

A little flag pattern has launched prices to the up side, overcoming the psychological trigger zone at $650. Now quotes are recovering to their technical objective at $820.

According to Japanese Candlestick Analysis, the prices are going up and the next technical scenario could be a continuous rise backed by fundamental data and political factors. The same-sized field recovered in August 2016, and was followed by a lateral sideways market.

The bitcoin price could be recovered now, and may follow with a similar lateral sideways market again.

What do you think will happen to the bitcoin price? Let us know in the comments below!


Cover image courtesy of MPR News.

This technical analysis is meant for informational purposes only. Bitcoinist is not responsible for any gains or losses incurred while trading bitcoin.

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Technical Analysis: Explaining the Weekend Bitcoin Price Rally

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Srp 22

Technical Indicators Say Bitcoin Price Will Rise — but When?

Source: bitcoin

bitcoin price

The most recent balance between bid and ask prices is over, setting the bitcoin price on an upward path to $820, where another congestion area may be observed.

Also read: India Plans to Enforce Internet Censorship with 3 Years Jail Time

Technical Analysis: Bitcoin Price Still Looking Upwards

Long-Term Analysis

Aside from the market determined by the biggest traders, which can be seen through volume indicators during the previous two sideways lateral movements, natural demand supremacy allows prices to leave the $580-$600 support area.

Now, the new technical objective is the $820 level without intermediate resistances, in a bull pattern that could be a fast rally to place the quotes into a new formation that would drive the action even higher.

Mid-Term Analysis

Mathematical indicators suggest that buying activity and prices are going up across the Fibonacci fan lines that every trader is considering right now to place their profit objectives, stops and hedge orders.

Taking this data into consideration through the lens of Contrary Opinion Theory, the present stage could be a rally move to $820, from where another lateral market would consolidate the new cycle with new all time objectives over $1200.

Short-Term Analysis

Japanese Candlestick analysis shows that prices are ready to go across the theoretical trading box to the resistance at $820, perhaps in a rally mode.

The first resistance level could be calculated at $700 because of last month’s congestion, which sent prices to the current figures that mark the start of a new bull cycle. However, signals at oscillators are strong enough to dismiss every intermediate level and the entire trading box, which could be considered over as well.


Staff Opinion: Although the recent Bitfinex hack has shaken up markets, leaving the bitcoin price down longer than we expected, we strongly suspect that the price is preparing for another upward launch, indicated by the technical analysis provided in this article. When this rally will take place, though, will be determined through a balance of stabilized fundamentals and optimistic technical signs. 

– Evan Faggart, Senior Editor


What do you think will happen to the bitcoin price? Let us know in the comments below!


Cover image courtesy of Bitcoinist.net.

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Technical Indicators Say Bitcoin Price Will Rise — but When?

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Srp 15

Technical Analysis: Weekend Bitcoin Price Slump Not Stopping Bulls

Source: bitcoin

Bitcoin Price Technical Analysis

Don’t be alarmed by the current slump in the bitcoin price. In fact, there is still cause for optimism. The market is going through a reversal pattern to the $700 level, where a congestion area should reinforce quotes for another climb to $820, keeping us right on track to hit the projections advanced last week.

Also read: Chinese Court Awards Damages Against OKCoin, Says It Operates Illegally

Bitcoin Price Analysis: Bulls Still in Control

Long-Term Analysis

After testing the lowest support at the $580-$600 level, prices should enter an upward reversal pattern soon, which will allow an initial pull back to $700, extended to Fibonacci´s technical objective at $820.

The next stage could be an upward rally into the new technical cycle, which may be delayed until big players accomplish their marketplace. An ascending support ensures the breakout into a new bull cycle.

Mid-Term Analysis

Now, while quotes are testing the support level, a new bullish consensus is providing the concurrent elements that should start a consolidated new cycle to $700, and further to $820.

Mathematical indicators are showing buy signals, and current volume is providing the market with a chance to start a new bull trend from here to $1800, with several zig zag situations and profit taking areas.

Short-Term Analysis

Japanese candlestick analysis indicates that the market can sustain itself long enough to allow the quotes to rise into the intermediate congestion area at $700 on the way to $820, perhaps in a rally mode.

The first resistance level could be calculated at $700 because of the last month congestion which had sent prices to the current figures from where the new bull cycle is starting.

What do you think will happen to the bitcoin price? Should we be worried about the weekend slump? Are the bulls still in control?  Let us know in the comments below!


Cover image courtesy of Bitcoinist.net.

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Technical Analysis: Weekend Bitcoin Price Slump Not Stopping Bulls

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Srp 01

Technical Analysis: Weekend Bitcoin Price Drop Explained

Source: bitcoin

Technical Analysis: Weekend Bitcoin Price Drop Explained

Bitcoin is falling down to end its current cycle, which will happen when prices drop to the technical reversal level.

Also read: Industry Report: No Bitcoin Crime Goes Unpunished 

Where Did the Weekend’s Bitcoin Price Drop Come From?

Long-Term Analysis

Prices have started the dive to $600 and $580 after a large lateral sideways lateral movement that ended the first technical cycle. To start a new cycle, quotes must reach former broken resistances, which become supports. Once this occurs, strong purchases are expected, framed in the marketplace of biggest players.

Looking back in the chart, another two flags can be analyzed, which have broken to the bear side. This time, the Contrary Opinion Theory could be considered to allow a pull back to $700, extended to Fibonacci´s technical objective at $820

Mid -Term Analysis

According to oversold mathematical indicators, a plunge to the support at $600 has started, where a new bullish consensus is expected to provide the concurrent elements to ensure a change in trend.

Main support is really at $580, but round numbers theory indicates that most people should react psychologically at 600, starting a rebound to $700 and a new bull cycle to $820, where the box resistance is waiting on the quotes.

Short-Term Analysis

Japanese Candlestick analysis reflects the market’s current weakness, and the quotes are going down to the support.

The oscillators have arrived to the oversold zone far before the coming price plunge, and they could be recovering strength, crossing each other to reinforce the rebound strength from $580 to $600. Afterwards, a recovery will take the bitcoin price to the $700, followed by a continued rise to $820.

At press time, the bitcoin price is hovering in the $620 range and is falling fast, indicating  that the suggestions put forth by technical indicators used in this analysis are accurate so far. Thus, we can expect the price to continue dropping in the immediate term until the markets hit the support needed to prepare the price for a rebound.

What do you think will happen to the bitcoin price? Let us know in the comments below!


Featured image courtesy of Benzinga.

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Technical Analysis: Weekend Bitcoin Price Drop Explained

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Čvc 12

Bullish Trading Ahead? Bitcoin Price Sees New Technical Patterns

Source: bitcoin

Bitcoinist_Traditional Finance

Technical indicators suggest that the bitcoin price could be preparing for a rather significant correction, potentially sending it below $600. Traders shouldn’t have too much to fear though, as the decline is expected to be followed by bullish activity, resulting in a rise to $700 and beyond, hitting resistance at $1000.

Also read: Industry Report: The Halving That Came and Went

Bitcoin Price Looking Bearish, but Not for Long

Long-Term Analysis

After a year where a rounded bottom pattern was perfectly accomplished, a new big pennant had taken place into the mid-term trading box, created as a result of the sideways lateral market that professional traders´ work let behind their accumulation activities. Perhaps we could see another month in the same price level while prices perform this pennant, which could become a bigger flag formation.

This kind of well-known pattern may also create a bullish consensus that provides some up-sliding of the trading box from the $600 support to the long-term Fibonacci resistance at $820, starting the first wave of the Elliot´s theoretical pattern staying inside the next level box with a probable ladder step rebound at the $700 support level. All of these movements will occur in a major zig-zag advancing pattern toward the second box´s higher resistance of $1000.

Mid-Term Analysis

Forming a kind of trading box with support at $600 and resistance at $820, prices had composited other patterns that could help traders to figure their marketplace, like several rising lines that provide reference for making decisions.

Meanwhile, prices advance in a slow rising zig zag movement, which should become a fireworks show of growth in about 2 months’ time, when the third phase of Elliott wave theory gets real in the charts.

Right now, mathematical oscillators are giving enough signals to sustain the bullish consensus, and to allow the suspicion of far higher prices at the end of the year.

When the present flag pole reaches the $820 resistance, the support will have to be relocated at $700 like a ladder step rise sliding the box to next level.

Short-Term Analysis

According to volume indicators and candlestick analysis, prices are preparing for a down movement, which may create panic selling from weak hands. This selloff would hit a big support level below $600—probably near 580—where strong hands and big players could be planning their purchases.

After this probable downward slide, the next movement in the present trading box could send prices upward for another 100 points, performing a fast rebound to $820.

Following that rise, a bear correction will send the bitcoin price to a new support level around $700, launching a new sideways lateral movement with resistance at $1000. This trading pattern is expected to hold for the next two weeks.

What do you think will happen to the bitcoin price? Let us know in the comments below!


Featured image courtesy of Shutterstock.

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Bullish Trading Ahead? Bitcoin Price Sees New Technical Patterns

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Čvc 06

Technical Analysis: Roman Circus at the Bitcoin Exchange?

Source: bitcoin

bitcoin price

The bitcoin price started a brief lateral movement period to accomplish the end of its first main technical cycle. Now, a congestion area is providing an accumulation opportunity, with support at $600 and resistance at $820, preparing for the rise to $1800.

Also read: Litecoin Is Back: New Roadmap Signals the Start of a Renaissance 

Technical Analysis: Expect Resistance

Long-Term Analysis

The past rounded-bottom is history, and now fundamentals, political factors and news are inconsistent enough to allow the current congestion area before a new rise to the annual objective near $1800.

Technical tools are giving good signals to trade during an accumulation time period while the next big pattern takes place. Small, well-known figures are being evaluated, like flags and pennants, which clearly point to the present and the nearby scenarios. Even the congestion zone could change, quickly shifting every pattern to their opposite outcomes.

Usually, the price remains in some kind of trading box, which probably slides itself up or down with the same wide pattern and rising zig zag steps. This pattern comes from accumulation activity powered by big players, starting the Elliot´s first wave to the annual objective at $1800.

Mid-Term Analysis

Prices are still sustained among several resistance and support levels created during the last rise movement. This technical pattern will continue until something modifies its structure.

Because a wide trading technical box is taking place, every price should stay inside its limits. According to mathematical indicators, strong hands are building their accumulation strategies for their first time playing the ‘Lions,’ while scalpers, speculators and common people play the ‘Christians’ in a kind of Roman Circus fantasy.

This means that traders and analysts have a big advantage when they deal with common people without any strategies at the exchanges.

The volatility is higher and faster than any other evaluated time period, and professional analysts are examining this worldwide market closely. Profit taking will certainly occur several times, but the relative strength index allows this lateral sideways market as a refueling step in the rise to the very real price level over $1500 for the next year with a peak chance at $1800 in 2016.

Short-Term Analysis

The main cycle is over, and now small patterns and traditional figures well known by amateur traders—like flags—are clearly taking place for the nearby scenario.

Japanese candlestick analysis points that even zig zag activity would increase volatility, and that the lateral sideways market could stand at the present level and eventually move up, breaking the big resistance of $820.

This break will not happen immediately, though. The price should zig zag for a while, avoiding big profits on traditional speculation. Several steps could be seen up and down in the nearby, and the main indicator to pay attention to is called the “Percent Volume Oscillator.”

The support could be found at $600, with a buying area below $650 and resistance at $820, with a profit taking zone over $780.

What do you think will happen to the bitcoin price? let us know in the comments below!

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Technical Analysis: Roman Circus at the Bitcoin Exchange?

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Čvn 19

Technical Analysis: Bitcoin Price Cycle Nearing a Close

Source: bitcoin

Bitcoin Price Technical Analysis

While fundamental analysts predict a continued rally to $1000 and beyond for the foreseeable future, technical indicators paint a more detailed picture. According to the charts, the ride up to $1000 will be bumpy, with periods of profit taking and resistance, especially around the $800 range. 

Also read: Blockchain as the Matrix: Are We Entering a Virtual Life?

Technical Analysis: Bumps in the Road

Long-Term Analysis

 

Almost at the $820 technical objective level, a distribution zone could take place with a trading box among this resistance and $600.

Indicators reflect fiction prices at this level, with irregular trading volume because of the distribution activity depending on the fresh demand of new holders. However, the less volatility there is in a resistance level allows the contrary opinion theory, and main players should be placing their profit taking with a re-buying strategy at $600.

Major figures have been accomplished, and Fibonacci is getting fulfilled, as well as the Gann Angles Theory, rounded bottom pattern and every mathematical forecast.

Only news and fundamentals support the present climbing, and any of those components have the capability to smash the present scenario for a technical correction that ends the cycle to start another from the $600 level, with a sideways trading box zig-zagging to $820, leading into a rise to 1800 at the end of 2016.

Mid-Term Analysis

Now, prices are rising, reaching the distribution zone at $820 / $790, where a heavy short marketplace is expected.

According to indicators, the up-trend line is strong enough to accomplish this technical objective and to end this mid-term cycle with a short correction to $600, placing the quotes into a trading box among $820 and $600 in a three-month sideways lateral market that zig-zags the chart, ending the present scenario and starting a fresh one from the box to new technical objectives around $1800 at the end of 2016.

Only political data, fundamentals and hot news are sustaining the present rise, adding the wishful thinking of current players whom are anticipating a continued rally to the $1000 level.

Technical analysis points to a different situation introducing the possibility of a short distribution zone around $820 and re-buying area at $600 in a zig-zag movement for the next time period.

Short-Term Analysis

The only support remains at $600, while prices head towards resistance at $820, getting into a trading box with these top and bottom levels.

There are not any minima to take in account as with the mid-term analysis, but volume isn’t thick enough to ensure any of the picks as a technical goal.

If a correction movement takes place, it would be the end of a large cycle from the $1200 high in December 2013, and the start of after a zig-zag sideways lateral box lasting three months with 200 basis points in a trading active range, which can be considered by the direct observation of the volume activity.

As with every trading range, contingent orders will be placed in a pyramid model that recognizes the oscillator signals of slow stochastics and RSI from below $630 and over $790, in an attempt to harvest profits that lowers the main position cost in the forecasting of the new cycle rise to $1800 for the end of 2016.

Bitcoinist is not responsible for any gains or losses incurred while trading bitcoin. Trade at your own risk.

 

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Technical Analysis: Bitcoin Price Cycle Nearing a Close

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Technical Analysis: Long-Term Bitcoin Price Corrections to Come?

Source: bitcoin

Bitcoin Price Technical Analysis

As the bitcoin price rally gets into high gear, technical indicators at the long, mid and short term levels suggest that there could be corrections on the horizon, after a continued rise to $820 USD. 

Also read: Bitcoin Price Bursts Ahead, Nearing $700 USD

Let’s take a look at the indicators in the first installment of Bitcoinist.net’s new technical analysis series by Ramiro Burgos

Bitcoin Price Analysis

Long Term Analysis

Prices are breaking at every resistance placed by Gann Angles Theory, and also had left back the big triangle accomplishing all the technical objectives.

Taking on all the historical prices data, Fibonacci numbers at the 50% zone would be reached at $670, and the last forecasting on 62% is placed at $820, climbing to $1000 following the round numbers theory.

When we focus on the current recovering movement, the mathematical indicators still show strong signals to the bull market.

But the bubble is on, and every stop loss could follow the climb, producing an approximate 5% pull back. The present rise is just a long term technical correction from the bear market that started in November 2013, and finished in January 2015.

This long-term, upwards correction is about to end with a new correction to $600 as the current big support, likely creating a sideways lateral market and starting a new technical cycle from the new $600 level.

Midterm Analysis

After successive up-breaking, resistance quotes are arriving to a distribution zone, which could be between $670 and $820 due to long-term Fibonacci numbers indicating this up correction from the bear market which took place in 2014.

Now the strongest support shows itself at the recent broken resistance on $600, fixing trading activity among $670 and $820. According to indicators, the strong demand would let prices reach a new level to the up side buy that would be considered a distribution zone because of the overbuying signals from main volatility oscillators.

While investors is focus their math on the 100 level, moving stop losses are recommended on 5% spread behind spot prices, leaving time to accomplish the end of the present cycle, which could  happen in July 2016 or at $820.

Short-Term Analysis

The rising support at $600 seems to be strong enough, and prices still climbing over the 670 level trying to accomplish the long-term Fibonacci numbers at $820 level.

The distribution zone among 670 and 820 could be big enough to take the prices back to 600, creating a lateral sideways market starting a new long term cycle, and closing the current cycle that started on November 2013. This new cycle could have a similar duration as the November 2013 cycle currently coming to a close.

Traders should place moving stop losses at 2, 3 or 5%, but the new lateral sideways movement could have its resistance at $670 after we reach the projected $820 peak. Everybody should wait to sell their positions at $1000, but should also be aware of possible forced stop loss order activations at $820.

Bitcoinist is not responsible for any gains or losses incurred while trading bitcoin. Trade at your own risk.

Article written by Ramiro Burgos.

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Technical Analysis: Long-Term Bitcoin Price Corrections to Come?

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Dub 24

BitcoinAverage: Bitcoin Price Stirs Up Bullish Sentiment

Source: bitcoin

Financial Markets

Apr. 11 – 19, 2016 — Over the week of Apr. 11 – 19, the bitcoin price showed early signs of a bullish renewal. The price moved up steadily, +3.6%, on an Apr. 16 high of $435.67 registered at bitcoinaverage.com.

This article was provided by the Vanbex Group on behalf of BitcoinAverage.

This is the highest mark since Mar. 1, which must have excited traders with the prospect of a continuation bull trend that began on September 7.

But, there remains a sense of caution with market analysts awaiting a retest of levels to confirm support for an uptrend.

A user on Reddit said:

“The only thing that gives me any pause in my bullishness is the utterly irrational exuberance I feel right now given the shape of the chart on a wide variety of timescales.”

The last time the price was at these levels, which was on Mar. 1, it was preceded by a sell-off to $382, but the price quickly retraced to trade within a range.

As seen on this chart, the upper and lower limits touched $423 and $427, breaking strongly above $423 on Apr. 14 (encircled), a clear sign of intent.

This time, it was markedly different from a similar attempt on Mar. 26 that faltered just below $428, making this week’s breakout not one to be easily brushed away.

 

On the 3d chart on bitcoinaverage.com, the marginal price changes on lower time frames are difficult to pick out.

Price is still largely in a sideways trend, evidenced by the lowest 30-day volatility in history and currently tied for second on the 60-day chart, 0.74% and 1.31% estimates, respectively.

$440, marked by a bold line, is the most significant level now, as a support/resistance level going back to December 2015.

It is no coincidence that price stalled right below this level, and continues to correct lower. As of writing this, the price sits at $429.

 

Speculators point to the pattern above from the three-day charge, a pennant symmetrical triangle.

Bulls say it is a continuation pattern within the overall trend from the Aug. 24 $198-low. The apex point, where a breakout is expected, is yet to converge as the price lingered between the lower sloping trendline and upper sloping support line.

There has been no confirmation break out, just more sideways action, albeit on a wider range, and this may persist till May.

 

The market is at a critical point, sitting on top of a 20-month resistance level at $400 (1).

Back in August to November 2014 (2), the price was unable to break back above it after an accelerated sell off to $275. A double top rejection preceded a continued bear trend.

At (3) this level is being retested, this time from the bottom. Since November 2015, the price has oscillated around this mark, fueling current uncertainty.

If this level holds, an upward run would follow with a magnitude as large as the sell-off in November 2014. Pricing targets for this scenario sit around, at very least, $650.

 

 

Bitcoin Price Forecast

This week, the price will continue on its retracement from $435 top, down to a support, as low as $420.

This price is low enough to respect the higher lows on the rising trendline, while still respecting the critical $423 as support for a continued uptrend.

The best case scenario is a $425 hold with a renewed uptrend taking over.

Nevertheless, Bitcoin looks bullish over the coming months.

The triangle pattern highlighted is a high probability continuation pattern, and it is now a matter of waiting it out.

The question is how long it will take to pop and when. Price has been stable on the price range since January and volatility is down. It is at a good level for a launch pad to higher marks.

The fundamentals around the bitcoin protocol are better than they were three months ago.

Core is making progress on Segregated Witness, an alternative soft fork approach to increase block capacity. News from China suggests miners are backing Core as well, while Bitcoin Classic, a hardfork capacity increase, has all but faltered.

With the block reward halving around the corner, everything looks ripe for another leg-up.

The post BitcoinAverage: Bitcoin Price Stirs Up Bullish Sentiment appeared first on Bitcoinist.net.

BitcoinAverage: Bitcoin Price Stirs Up Bullish Sentiment

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