Bitcoin’s Sideways Drift Has Shifted Price Recovery Target to $3.7K

View Bitcoin’s six-day-long consolidation near $3,600 has neutralized the bullish view put forward by a falling wedge breakout confirmed on Feb. 8. The follow-through to that bullish breakout has been extremely weak with prices unable to challenge the highs above $3,700 hit last Friday. A move above $3,711 (Feb. 8 high) would validate the bullish outside reversal candle seen in the 3-day chart and open the doors to the psychological hurdle of $4,000. That looks likely as BTC has witnessed another falling wedge breakout on the 4-hour chart. Bitcoin risks…

Long-Term Indicator Suggests Bitcoin Price May Be Nearing Bottom

View Bitcoin’s weekly MACD has diverged in favor of the bulls. The indicator carved out a higher low in December, even though bitcoin’s price slipped to $3,100, signaling waning bearish pressures 17 months before the mining reward halving. Bitcoin witnessed a similar MACD divergence 17 months before the previous halving in July 2016. The bullish MACD divergence indicates the cryptocurrency could be nearing a long-term bottom or may have carved out one near $3,100 in December. That said, a move above the 21-month exponential moving average (EMA), currently at $5,334,…

Bitcoin Making Little Headway as Resistance Caps Price Gains

View Bitcoin is struggling to cross the 50-day moving average hurdle for the fifth straight day. The repeated failure at that key hurdle has neutralized the bullish outlook put forward by Friday’s falling wedge breakout. A convincing move above $3,630 (50-day MA) would revive the short-term bullish outlook and open the doors to $3,730 – the neckline of a potential inverse head-and-shoulders bullish reversal pattern on the 4-hour chart. A violation there would confirm a bearish-to-bullish trend change and could yield a rally to $4,130 (target as per the measured…

Bitcoin Price Pattern Hints at Short-Term Rally to $4K

View Bitcoin has backed off 4 percent from three-week highs seen on Friday, but looks to have formed a bull flag – a bullish continuation pattern – on the 4-hour chart. A move above $3,630 would confirm a flag breakout and open the doors to $4,000 (target as per the measured move method). Acceptance below the lower edge of the flag, currently at $3,546 would weaken the short-term bullish case. That, however, looks unlikely, as the path of least resistance is to the higher side, according to Friday’s high-volume falling…

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…