Bitcoin, Litecoin, Ripple broke important levels For Bitcoin, 7888 in confluence with the 200-day MA may bring some relief, but not looking for it to do much more than that. Rallies are expected to be short-lived events, rather than sustaining moves higher. With that said, the November low at 5555 is the next big downside target. Chart 1 – BTC/USD Litecoin is dropping sharply after breaking out of a wedge, ...
Ethereum broke out of wedge to top-side; but can it sustain? On Friday, we noted wedges forming in Ethereum and Bitcoin, of which the former broke out of to the top-side and sustained a move higher. Since the plunge during the middle of the month Ethereum has been the strongest of the group, but is it ready to head higher or is a broader lower-high developing? On the 4-hr, there is a series of higher-lows and higher-highs ...
Bitcoin near the apex of a triangle, sitting on big support On Friday, the cryptocurrency market was sent lower by exchange-related news in Japan, but managed to rebound. The drop and rebound helped further along the development of a symmetrical triangle in Bitcoin (BTC/USD). The coiling price action is indicative of a potentially explosive move on the horizon. Triangles can break in either direction, which is why it is important ...
Bitcoin in danger of breaking confluence of support, important slope under pressure This morning we are seeing a sizable drop in cryptocurrency-land, with double-digit percentage declines taking place across the board. Bitcoin is in real danger of breaking critical support by way of a slope extending higher from May and horizontal levels. The slope dating back to May is viewed as rather significant given its influence on several occasions since, most recently in November. While ...
Bitcoin & Litecoin look to hold support, build wedges Bitcoin has been relatively quiet the past three weeks, with it closing out Friday right about where it was trading three weeks ago. The overall price action, thus far, is constructive following the massive run-up in the final months of last year. With a little more time, a wedge – of either the symmetrical or descending variety – could come into play as long as support ...
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