Bitcoin $550: The Maginot Line? Recently there has been quite a bit of analysis of the Bitcoin price and support in the $550 to $560 or so range. While on the one hand, there indeed has been some support there, I'm wondering if that level hasn't transformed into the equivalent of the Maginot Line (en.wikipedia.org) - something that appears to be a strong line,...
The Bitcoin price has continued to decline on declining, very weak volume. After the Bitcoin price failed to stay within the ascending pitchfork, and fell through the red trigger line, another downward Andrews' Pitchfork was drawn. This second pitchfork has been notable because price has failed twice to reach the upper parallel. Instead, price has fallen to the...
Currently the technical indicators for Bitcoin do not look favorable for the price to bounce. Price has been in an upward channel since April of this year. Price, depending on whether it continues to drop and how rapidly, will encounter the bottom of the channel at around $580 or below. Normally, price would move back to the mid-line of the channel. While the...
The wick of today's Bitcoin price candle has fallen significantly through the $610 level of the descending triangle. This is as expected given the weak volume. At this point it will be important to see what happens should the price fall below the psychologically important $600 level. Would expect some support between $540 to $560. Should those levels fail then...
JNUG has been in an ascending price channel since near the beginning of June. As of 7-23-14 12CST, it is nearing the bottom of that channel. Currently indicators such as EIS, PSO, BB Impulse, MACD (see indicators underneath price chart) indicate downward price momentum. However, there are some indications that some of the indicators could reverse. Should the...
This chart is a minor re-draw of the chart originally published by chrisdunntv. Changed the following: 1) Moved blue lines to touch candle wick lows and highs. You still have two touches on the ascending blue support line and the descending blue resistance line. I believe this better reflects the recent weakness in the bitcoin price as highlighted in the yellow...
The Bitcoin price continues to look weak. Volume has generally been light and technical indicators such as MACD continue to decline. I modified this chart from my previous one () in a few ways: 1) Moved the descending portion of the triangle up slightly toward the candle wicks. This lengthened the triangle. I think this better reflected the price action. 2)...
Bitcoin price has formed a descending triangle pattern. As of today price has touched the descending portion of the triangle 3 times and the horizontal portion twice. Based on the length of the triangle, it could take until about the end of the month for price to exit the upper or lower boundary. Price should continue in the same direction it exits from the...
This chart if based on chart originally created by 4XForecaster. Sometimes I like to look at more complex charts and see how they can be simplified. So, here is what I did to alter his chart: 1. Drew 4 red colored resistance lines. Three show where price downtrends were broken. The final downtrend from the high price is yet to be broken; 2. A price regression...