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BTC/USD on the daily charts has been in a very strong downtrend right from the time it has broken below the important support level at $556.
Get the bitcoin forecast for August 14, 2014 here.
In the last 24 hours, Bitcoin prices has hit new volatility levels unseen for a while, recording a drop of more than 3% to test levels as low as $570, before recouping marginally.
BTC/USD on the daily charts broke below the lower end of the triangle formation which is seen as a bearish sign on the back of good volumes. Post the breakdown we see the next level of support for the digital currency at around $543.
BTC/USD on the hourly charts has shown some momentum on the upside. It has resistance at $595 which is downward sloping trend line.
After the volatility of last week, things settled back to much of July’s pattern, with BTC/USD on the hourly charts continued trading in a very narrow trading range as traders and investors still try to grapple with the future direction for the digital currency.
BTC/USD on the hourly charts has been trading in a very narrow trading range forming a triangle. Prices have been unable to break above or below the support and resistance zones.
Bitcoin looks set to mark the third consecutive weekly loss. During the course of the week, the digital currency took support from the fundamental and technical support region of 540-550 and bounced from the oversold level of 555.90 to a high of 607.20.
Bears clearly have the upper hand in this battle and it would be safe to say that the bulls will take some time to recover. Bitcoin, which was trading at around 580-585 yesterday, has now slumped approximately 5% to 555-560 levels.
BTC/USD on the hourly charts broke below the triangle support line in a volatile trading session yesterday. BTC/USD tried breaking above the resistance zone within the triangle but found considerable amount of selling pressure at higher levels.
After breaking from the near-month long narrow trading range, BTC/USD has formed a triangle formation and is trading within a new range. Get the Bitcoin outlook for July 29, 2014 here.
Bitcoin continues to drift lower post the resignation of Barry Silbert as the CEO of SecondMarket.
Bitcoin has finally freed itself from the trading zone and touched the levels which have not been seen since the start of this month. Get the Bitcoin/USD analysis for July 25, 2014 here.
BTC/USD continues once again to trade in a narrow range with the resistance level set at $621.17 and strong support being found at $611.
Bitcoin continues to trade in a rangebound manner with no immediate signs of a breakout as yet. It seems that the bulls and the bears are in no mood to flex their muscles to get it their way and are rather just waiting for the other party to tire out.