Bitcoin price is slowly trending lower on profit-taking off the recent moves and a return in dollar demand.
The post Bitcoin Price Technical Analysis for 12/01/2017 – Short-Term Downtrend appeared first on NEWSBTC.
Bitcoin price is slowly trending lower on profit-taking off the recent moves and a return in dollar demand.
The post Bitcoin Price Technical Analysis for 12/01/2017 – Short-Term Downtrend appeared first on NEWSBTC.
Bitcoin gold price is struggling a lot below 0 against the US Dollar. BTG/USD might extend declines and likely to trade toward 0-150.
There was a no recovery in bitcoin gold price above the 0 resistance against the US Dollar. The price started a downside move after failing to move above the 0 resistance and the 100 hourly simple moving average. It traded close to the 0 level and formed a low near 7.49. At present, the price is correcting higher, but struggling to break the 23.6% Fib retracement level of the last decline from the 0 high to 7 low.
It seems like there is a declining channel forming with resistance at 0 on the hourly chart of BTG/USD. The pair is likely to remain in a downtrend until there is a break above 0. Before 0, the 0 level and the 38.2% Fib retracement level of the last decline from the 0 high to 7 low are also hurdles. Above 0, the 100 hourly simple moving average is positioned near 0 to act as a barrier.
Overall, there are many hurdles for buyers starting with 0 up to 0. On the downside, the most important support is near 0 and 0. Any further declines could see buying interest above 0, but limited.
Looking at the technical indicators:
Hourly MACD – The MACD for BTG/USD is not showing any major bullish signs.
Hourly RSI (Relative Strength Index) – The RSI for BTG/USD has just moved above the 50 level, but with a divergence.
Major Support Level – 0
Major Resistance Level – 0
Charts courtesy – Trading View, Bitfinex
The post Bitcoin Gold Price Technical Analysis – BTG/USD in Downtrend appeared first on NEWSBTC.
Key Points Bitcoin gold price is struggling to gain traction and remains below 0 against the US Dollar. This is a declining channel forming with resistance at 0 on the hourly chart of BTG/USD (data feed from Bitfinex). The price is likely to remain in a downtrend and it could even retest the 0 support … Continue reading Bitcoin Gold Price Technical Analysis – BTG/USD in Downtrend
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Bitcoin Price Key Highlights
Bitcoin price has bounced off a near-term area of interest but the broken short-term trend line is holding as a ceiling at the moment.
Technical Indicators Signals
The 100 SMA is still above the longer-term 200 SMA on this time frame, so the path of least resistance is to the upside. However, the 100 SMA also appears to be holding as dynamic resistance around the 50% Fib and the broken trend line support.
If this continues to keep gains in check, bitcoin price could resume its slide to the swing low at 00 or until the longer-term rising trend line support around 00-5200.
RSI is moving higher and has plenty of room to climb, indicating that bullish pressure could stay in play for a while. In that case, bitcoin price could move back above the short-term trend line and revisit the record highs.
However, stochastic is already hitting overbought levels and looks ready to turn lower to reflect a pickup in selling pressure. A move back below the 200 SMA or 00 area of interest could confirm that bearish momentum is setting in.
Market Factors
Traders seem to have taken the chance to buy bitcoin at cheaper levels after the selloff that ensued on the hard fork suspension. The dollar is still being pushed around by tax reform updates, and the outcome of the House vote on their version of the bill could set the tone for its movement for the next few days.
Apart from that, US CPI and retail sales are due later in the week, with today’s PPI numbers likely providing a preview. As for bitcoin itself, rival version bitcoin gold is already live and might pose stiff competition for the original one, although some have remarked that the launch has been a bumpy one.
The post Bitcoin Price Technical Analysis for 11/14/2017 – Short-Term Downtrend, Long-Term Uptrend appeared first on NEWSBTC.
Bitcoin price has bounced off a near-term area of interest but the broken short-term trend line is holding as a ceiling at the moment.
The post Bitcoin Price Technical Analysis for 11/14/2017 – Short-Term Downtrend, Long-Term Uptrend appeared first on NEWSBTC.
IOTA has been on a continuous slide since breaking below key support levels against the dollar and bitcoin. IOTBTC is […]
The post IOTA Technical Analysis for 11/08/2017 – Steady Downtrend appeared first on Bitcoin Network, News, Charts, Guides & Analysis.
LTCUSD is still trending lower and moving inside a descending channel on its 1-hour chart. Price is still hovering around […]
The post LTCUSD Technical Analysis for 11/6/2017 – Downtrend Still Intact appeared first on Bitcoin Network, News, Charts, Guides & Analysis.
Ethereum classic price struggle to move higher continues against the US Dollar and Bitcoin. ETC/USD is facing a major resistance near .40-10.50.
There was a downside reaction towards .00 in ETC price against the US Dollar. The price even broke the .00 handle and traded as low as .70. Later, the price started an upside correction and traded above the 23.6% Fib retracement level of the last drop from the .00 high to .70 low. However, buyers were seen struggling near the .40 resistance, which was a support earlier.
There was a rejection near the 50% Fib retracement level of the last drop from the .00 high to .70 low at .35. Above .35, there is a major bearish trend line forming with resistance at .40 on the hourly chart of the ETC/USD. More importantly, the 100 hourly simple moving average is also near the .45 to prevent upsides in the near term. A close above the 100 hourly SMA and the .40 level is required for buyers to gain control in the near term.
The most important resistance on the upside is at .00, which a crucial pivot region. On the downside, the .00 level is a good support followed by the recent low of .70. Below the mentioned .70, the pair might head towards the next major support at .20. Overall, ETC remains a short-term sell near .40 and .00.
Hourly MACD – The MACD is slightly in the bullish zone.
Hourly RSI – The RSI is moving north and is above the 50 level.
Major Support Level – .00
Major Resistance Level – .40
Charts courtesy – Trading View, Kraken
The post Ethereum Classic Price Technical Analysis – ETC/USD Downtrend Intact appeared first on NEWSBTC.
Key Highlights Ethereum classic price fell below the .00 handle recently against the US Dollar. There is a major bearish trend line forming with resistance at .40 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is struggling to break the .40-10.50 resistance and remains at risk of more declines. … Continue reading Ethereum Classic Price Technical Analysis – ETC/USD Downtrend Intact
The post Ethereum Classic Price Technical Analysis – ETC/USD Downtrend Intact appeared first on NEWSBTC.
Bitcoin price is trading lower inside a descending channel on its short-term time frame and might be due for a test of resistance.
The post Bitcoin Price Technical Analysis for 10/25/2017 – New Downtrend Forming appeared first on NEWSBTC.