Bitcoin Price Key Highlights
Bitcoin price is hovering at the bottom of its descending triangle and could be due for a downside break.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. In other words, a breakdown is more likely to happen than a break to the upside.
Also, the 100 SMA lines up with the triangle resistance so a bounce up to that level could still see its gains limited. The 200 SMA dynamic resistance could serve as the line in the sane for any rallies, although a break past that area could signal that bulls have the upper hand once more.
On the other hand, a move below the $2320 triangle support could be enough to confirm that further losses are in the cards. The triangle pattern spans $2320 to $2970 so the resulting selloff could last by the same height.
Stochastic is pointing down to signal that sellers are in control of bitcoin price action. RSI is also turning lower without even hitting overbought conditions to indicate that bears are eager to get back in the game.
Dollar demand continues to stay supported, thanks to Fed chatter on future rate hikes and the balance sheet runoff. In her latest testimony, Fed Chairperson Yellen mentioned that unwinding could impact longer-term interest rates, which then affects dollar price action.
As for the bitcoin industry, bearish remarks from analysts in Morgan Stanley have kept a lid on gains. The lack of positive updates also discourages investors from putting more money in the cryptocurrency for now.
Still, news that Swiss bank Falcon introduced bitcoin in its private asset management service is being closely watched. Reports are indicating that this has been given the thumbs-up by regulators, thereby supporting the legitimacy of the product.
Ripple Price Technical Analysis – XRP/USD Eyes Further Gains
Ripple price is placed well in the bullish zone against the US Dollar and Bitcoin. XRP/USD might soon retest $0.2600 and it could even break it. There were slow and steady gains in Ripple price
DASH/USD and LTC/USD Technical Analysis November 23 2017
Hello and welcome to News BTCâs Market OutlookÂ November. DASH/USD DASH continues to power ahead, touching $575 during the trading session on Wednesday. I suspect that we will probably get a
FLUX Gaming – Game Developers and Players Now Own the Game
All game developers want to produce a blockbuster. But as the gaming world knows all too well, the business of creating blockbusters is risky. Players may move in a flash to another game for more
DASH AND MONERO RALLY WHILE IOTA IS PEAKING NOVEMBER 23 TECHNICAL ANALYSIS
As perfect BTC alternatives, DASH and Monero are rallying perhaps benefiting from capital injection. Alt coin Monero is actually trending above August highs of $153. If bulls push harder, buyers
BTC/USD and BTC/JPY Technical Analysis November 23 2017
Hello and welcome to News BTCâs Market OutlookÂ November. BTC/USD Bitcoin fell slightly against the US dollar after initially trying to rally on Wednesday in what could probably be best
Ethereum Price Technical Analysis – ETH/USD Remains Buy on Dips
Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD is now well above $368 and is eyeing more upsides. There were continuing gains in ETH price above the $350 level
Bitcoin Price Technical Analysis for 11/23/2017 – Bearish Divergence Alert!
Bitcoin Price Key Highlights Bitcoin price is slowing on its climb, possibly priming for a pullback on profit-taking over the Thanksgiving break. Technical Indicators Signals The 100 SMA is
Bitcoin Cash Price Technical Analysis – BCH/USD to Retest $1500
Bitcoin cash price gained bullish momentum recently above $1200 against the US Dollar. BCH/USD might continue to move higher towards $1500. There was a solid upside move in bitcoin cash price as