Strong Bitcoin Volumes Bode Well for Price Breakout

View Bitcoin’s daily trading volume remains elevated at highs above $10 billion, going against the technical theory that investor interest tends to drop during periods of consolidation. Therefore, the ongoing sideways trading near $3,900 may end with a bull breakout toward the recent high of $4,207. The recovery rally from the lows near $3,400 seen in early February was also backed by strong volumes. So, the odds of BTC reversing the corrective bounce in the near-term are quite low. Prices could first see a drop below $3,865 (March 12 low)…

Bitcoin Trades Flat While Altcoins Tease Bull Breakout

View Bitcoin is lacking clear directional bias for a ninth straight day, neutralizing the bullish view put forward by a long-tailed doji candle created on Feb. 27. As a result, a return to levels below $3,700 cannot be ruled out. A UTC close above the March 9 high of $3,950 would revive the short-term bullish outlook and possibly yield a rally toward the recent high of $4,190. While a few alternative cryptocurrencies (altcoins) have recently witnessed a longer-term bull reversal, the altcoin market as a whole is yet to exit…

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 Awaits Triangle Breakout as Price Squeeze Continues

Bitcoin’s (BTC) price is largely unchanged on the day and maybe building for a strong exit from the weeks-long consolidation. The leading cryptocurrency hit highs above $4,100 on Jan. 8 before moving lower to around $3,500, where it’s become trapped in a tightening trading range. The bears have persistently failed to keep prices below $3,500, weakening the bearish case put forward by the 9 percent drop seen on Jan. 10. That strong support level has seen the formation of a descending triangle pattern over the last 2.5 weeks, with an…

Bitcoin Price Between Holding Gains and Losing Gains as Breakout Waits

The bitcoin price held onto its gains this Monday as the trading session across the Asian and European markets expressed its calm. The bitcoin-to-dollar pair is trading at $4,009, down 1.93 percent from Monday’s high. The correction appears natural to an overperforming asset, and its significance should be weighed in when it extends as far as 10 percent from the recent peak. As bitcoin heads into an interim sideways trend, the asset has attempted to pierce below $4,000 on five separate occasions today. It seems that there is a decent…

Breakout Ahead? Bitcoin Closes on Key Price Hurdle

Bitcoin’s (BTC) bears would be put on the back foot if prices climb past key resistance lined up at $4,140. The leading cryptocurrency jumped to a two-week high of $4,090 earlier today, as expected, ending a weeklong period of low volume consolidation near $3,800. Notably, the break above $4,000 has added further credence to the short-term bearish-to-bullish trend change signaled by the three-day chart on Dec. 20. The job, however, is only half done for bulls, as prices are yet to take out the resistance at $4,140 – the neckline…

Bitcoin Price Watch: BTC Signaling Breakout Above $4,500

Key Points Bitcoin price traded higher and broke the $4,150 and $4,200 resistance levels against the US Dollar. There was a break above a major bearish trend line with resistance at $4,040 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is currently trading with a bullish bias and it could extend gains above $4,400 and $4,500. Bitcoin price climbed above the $4,150 barrier against the US Dollar. BTC looks set to trade further higher above the $4,400-4,500 resistance area in the near term. Bitcoin…

Bitcoin Price Reverses as [Another] Breakout Attempt Fizzles Out

The bitcoin price failed to extend its bounce once again, weighed down by weak bulls. The BTC/USD rate on Thursday dropped as low as 5.38 percent from its intraday high at 3488-fiat. The pair at press time is forming lower lows towards 3300-fiat on a strong volume jump on Coinbase. It expects to extend its downside momentum even further, with the near-term momentum readings clearly entering inside the oversold area. A weak support wall is lingering at 3295-fiat which, if broken, would confirm a drop towards the 3210-3250-fiat area. BTC/USD…

Bitcoin Rises 4.65%, Comes Closer to a Breakout Action Scenario

The bitcoin price on Wednesday jumped as high as 4.65 percent from its opening price and established an intraday high at $3,488. The BTC/USD rate is now trading at 3440-fiat on the Coinbase exchange, coupled with a notable rise in daily volatility. The pair on December 7 established its yearly low at 3210-fiat, after which it consolidated within a circa $300 range. It established a top near 3650-fiat only to find itself pulled back strong bearish presence near the level. Historically, BTC/USD now is looking to retest the same top,…

Breakout Inbound? Bitcoin Price Sets $4,000 as Upside Target

The bitcoin price on Tuesday jumped as high as 6.1 percent against the US Dollar but failed to sustain a bullish momentum. The BTC/USD index is trading at 3910-fiat at press time, up 4.5 percent from the intraday low at 3741-fiat. The pair is undergoing a pullback action after failing to sustain its run above 4000-fiat. The said level still has a lot of bearish activity going around while an equally strong buying sentiment can be seen at 3741-fiat, which has reversed downside corrections twice in the past 36 hours.…