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Bitcoin Price Technical Analysis for 23rd Mar 2018 – Another Reversal Pattern

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Bitcoin Price Technical Analysis for 23 Mar 2018 – Another Reversal Pattern

Bitcoin Price Technical Analysis for 03/23/2018 – Another Reversal Pattern

Bitcoin Price Key Highlights

 

Bitcoin price failed to break past the $9,000 level after news of a potential shutdown of Binance in Japan broke out.

However, bitcoin price could still form an inverse head and shoulders pattern, which is a potent reversal signal.

Technical indicators are showing that bullish momentum could stay in play.

Bitcoin price sold off recently but could form a short-term reversal pattern on its 1-hour time frame and draw more buyers back in.
 

Technical Indicators Signals

 

The 100 SMA just crossed above the longer-term 200 SMA to signal that buyers are gaining the upper hand. The 200 SMA is also holding as dynamic support at the moment, but a break lower could lead to another pickup in selling pressure.

 

Stochastic is pointing down to show that bears have the upper hand while RSI is turning lower as well. Both oscillators are nearing oversold conditions, though, so sellers could still let buyers take over soon.

 

An area of interest is located around $8,000 and a bounce from here could form the right shoulder of the reversal pattern. Bitcoin price has yet to break past the neckline around $9,200 to confirm a potential uptrend. This should last by around $2,000 or the same height as the chart formation.

Bitcoin Price Key Highlights

 

Bitcoin price failed to break past the $9,000 level after news of a potential shutdown of Binance in Japan broke out.

However, bitcoin price could still form an inverse head and shoulders pattern, which is a potent reversal signal.

Technical indicators are showing that bullish momentum could stay in play.

Bitcoin price sold off recently but could form a short-term reversal pattern on its 1-hour time frame and draw more buyers back in.

 

Technical Indicators Signals

 

The 100 SMA just crossed above the longer-term 200 SMA to signal that buyers are gaining the upper hand. The 200 SMA is also holding as dynamic support at the moment, but a break lower could lead to another pickup in selling pressure.

 

Stochastic is pointing down to show that bears have the upper hand while RSI is turning lower as well. Both oscillators are nearing oversold conditions, though, so sellers could still let buyers take over soon.

 

An area of interest is located around $8,000 and a bounce from here could form the right shoulder of the reversal pattern. Bitcoin price has yet to break past the neckline around $9,200 to confirm a potential uptrend. This should last by around $2,000 or the same height as the chart formation.

 

 

Author: SARAH JENN • MAR 23, 2018 • 04:03

 

Posted by David Ogden Entrepreneur

Alan Zibluk – Markethive Founding Member

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Bitcoin Price Technical Analysis for 14th Feb – Sitting Tight for a Breakout

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Bitcoin Price Technical Analysis for 14th Feb – Sitting Tight for a Breakout

Bitcoin Price Technical Analysis for 14th Feb – Sitting Tight for a Breakout

Bitcoin Price Key Highlights

  • Bitcoin price is currently consolidating, forming higher lows and lower highs inside a triangle pattern.

  • Price is bouncing off support and might be due for a test of resistance soon.

  • Technical indicators are also suggesting that the bounce could take place, possibly even leading to an upside break.

  • Bitcoin price is finding support at the bottom of its triangle consolidation and may be due for a move past the resistance if buyers are strong enough.

 

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This means that support is more likely to hold than to break. It could also indicate that the top of the triangle could be broken.

In addition, the 100 SMA is currently holding as dynamic support and keeping losses in check as it lines up with the triangle bottom. A break past the $8,000 level could be enough to signal a bullish break and further gains.

Stochastic is pointing up to signal that buyers are in control of bitcoin price action while RSI also seems to be turning north. However, hitting overbought levels could draw sellers back in and lead to a move back to the triangle support.

Market Factors

Equities still closed slightly in the green to confirm that risk appetite extended its stay in the financial markets. Note that bitcoin has been tracking these higher-yielding assets these days instead of taking risk-off flows.

But as mentioned, the gains were smaller this time, signaling a slowdown in momentum and a potential correction. US CPI and retail sales figures are up for release and apart from influencing USD price action, it could also have a significant impact on overall sentiment.

Other altcoins like litecoin are starting to enjoy a bit more bullish support, so it’s possible that bitcoin could follow suit. Analysts point to easing concerns about regulation as the crackdown news in South Korea are no longer hitting headlines as one of the factors propping prices up.

 

Author SARAH JENN • FEB 14, 2018 • 04:02

 

Posted by David Ogden Entrepreneur
David ogden cryptocurrency entrepreneur

 

Alan Zibluk – Markethive Founding Member