Bitcoin Eyes $3.8K After High-Volume Price Breakout

View Bitcoin gained 7.8 percent on Friday, confirming a falling wedge breakout on the daily chart. The bearish-to-bullish trend change was backed by a jump in trading volumes to levels last seen in mid-November. Prices could soon cross the 50-day moving average resistance at $3,642 and test resistance levels lined up at $3,800 and $4,000 in the next few days. A break below the Jan. 29 low of $3,322 would invalidate the bullish setup. That looks unlikely, though, as the high-volume wedge breakout has confirmed bearish exhaustion signaled by falling…

Bitcoin Price Still Trading Flat While Litecoin Hits 7-Month High

View The immediate outlook for bitcoin will remain bearish while prices are held below the 6-hour chart 50-candle moving average, currently at $3,417. Litecoin’s BTC-denominated exchange rate (LTC/BTC) clocked seven-month highs earlier today. A close above 0.010182 BTC would confirm an inverse head-and-shoulders breakout and open up upside toward 0.013 BTC. The rally, however, may not happen immediately, as the 14-day relative strength index (RSI) is reporting overbought conditions. LTC’s bullish setup would be invalidated if prices fall back below 0.010182 BTC. That looks unlikely, though, given the bullish long-term…

Little Relief in Sight as Bitcoin Price Closes at 7.5-Week Low

View Bitcoin suffered its lowest UTC close in over seven weeks on Wednesday, reinforcing the bearish view put forward by the rejection at the 50-candle moving average (MA) on the 6-hour chart yesterday. The close at multi-week lows also dashed hopes of a falling wedge breakout. The cryptocurrency also created a bearish outside reversal candle on the daily chart yesterday, opening the doors for a drop to falling channel support at $3,230. A strong move above the 50-candle moving average on the 6-hour chart, currently at $3,434 will likely weaken…

Little-Known Resistance May Be Blocking Bitcoin Price Bounce

View Bitcoin continues to chart bearish lower highs along the 50-candle moving average on the 6-hour chart. The immediate bias remains bearish while the cryptocurrency is held below that average line, currently at $3,450. Recent history shows bull failures at the 6-hour 50-candle moving average are often followed by a drop below the recent low. BTC, therefore, risks printing fresh multi-week lows below $3,322 (Jan. 29 low), having faced rejection at the crucial moving average hurdle earlier today. A convincing 6-hour close above the moving average resistance will likely weaken…

Bitcoin’s Daily Price Range Hits Three-Month Low

View Bitcoin’s daily price range has dropped to levels last seen in the weeks leading up to the sell-off witnessed mid-November. The latest bout of consolidation, however, looks more likely to end with a move to the higher side, as the cryptocurrency has created a falling wedge on the daily chart. Further, signs of bearish exhaustion have emerged on the 4-hour chart. A strong move above $3,430 would confirm a falling wedge breakout and open the doors to $3,658 (the high of the bearish gravestone doji created on Jan. 26).…

Bitcoin Price Charts Offer Glimmer of Hope to Struggling Bulls

View Bitcoin has charted a falling wedge pattern on the daily chart. A break above $3,450 would confirm a wedge breakout and expose key resistance lined up at $3,658 (the high of the gravestone doji candle created on Jan. 26). A violation there would expose the psychological resistance of $4,000. The prospects of a falling wedge breakout would weaken if the cryptocurrency suffers a channel breakdown on the 4-hour chart. The slow drip bitcoin (BTC) price sell-off seen over the last six weeks has produced a bullish pattern on the…

Bitcoin Price Hits Record 6-Month Losing Streak

View Bitcoin registered losses for a record sixth straight month in January, reinforcing the bearish view put forward by the moving average studies on the monthly chart. As a result, a re-test of December lows near $3,100 could be on the cards. The odds of a sustained rise to $4,000 would improve if the 200-week moving average at $3,298 serves as strong support and ends up pushing prices above $3,658 (high of last Saturday’s gravestone doji candle). Bitcoin’s price fell for a record sixth time in January, after an early…

Bitcoin Price Hits Record Sixth Consecutive Month of Losses

View Bitcoin registered losses for a record sixth straight month in January, reinforcing the bearish view put forward by the moving average studies on the monthly chart. As a result, a re-test of December lows near $3,100 could be on the cards. The odds of a sustained rise to $4,000 would improve if the 200-week moving average at $3,298 serves as strong support and ends up pushing prices above $3,658 (high of last Saturday’s gravestone doji candle). Bitcoin’s price fell for a record sixth consecutive month in January, after an…

February Is Often Good for Bitcoin Prices, Will History Repeat in 2019?

View The probability of bitcoin ending its four-year February winning streak in 2019 is high, as the primary trend is bearish for the first time in the last three years. Further, BTC’s failure to capitalize on a bullish pattern on the 3-day chart indicates bearish sentiment is still quite strong. BTC risks falling to December lows near $3,100 in the next few days. The odds of BTC ending February in the green would rise sharply if prices see a strong bounce from the crucial 200-week moving average at $3,298. Bitcoin…

Bitcoin Eyes Minor Price Bounce But Bear Trend Intact

View Bitcoin’s minor recovery rally from six-week lows could be extended further to levels above $3,500 as back-to-back long-tailed daily candles are indicating a lack of conviction among sellers, despite Monday’s high-volume range breakdown. A break above the downward sloping 10-day MA of $3,511 would expose the crucial resistance of $3,658 (the high of Saturday’s gravestone doji and last week’s classic doji candle). The outlook would turn bullish if BTC secures a convincing UTC close above $3,658. Rejection at the 10-day MA would reinforce the primary bearish trend and could…