Bitcoin Price Watch: BTC/USD Approaching Key Break

Key Points Bitcoin price found support near the $6,620 level and recovered well against the US Dollar. There is a key contracting triangle formed with support at $6,700 and resistance near $6,780 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely approaching the next break either above $6,800 or below $6,650 in the near term. Bitcoin price is placed nicely above the $6,650 level against the US Dollar. BTC/USD may soon make the next move (likely higher above $6,800). Bitcoin Price Analysis Recently,…

Tron (TRX) Price Watch: Correction Done, Aiming Higher

Tron Price Key Highlights Tron price bounced off the area of interest marked in an earlier post. Price is now making its way up to the swing high and the Fib extension tool shows the next upside targets. Technical indicators also support the idea of more gains for Tron. Tron price bounced off the resistance-turned-support region at the 0.04500 mark as expected and is aiming for new highs. Technical Indicators Signals The 100 SMA crossed above the longer-term 200 SMA to confirm that the path of least resistance is to…

Bitcoin (BTC) Price Watch: Imminent Rising Wedge Breakout

Bitcoin Price Key Highlights Bitcoin price has formed higher lows and slightly higher highs to create a rising wedge on its 1-hour chart. Price is bouncing off resistance and might be due for another test of support. Bitcoin price is also nearing the peak of the formation so a breakout might happen soon. Bitcoin price might be gearing up for a break from its rising wedge pattern, but technical indicators are giving mixed signals. Technical Indicators Signals The 100 SMA is above the longer-term 200 SMA to indicate that the…

Bitcoin Price Watch: BTC/USD Testing Crucial Support

Key Points Bitcoin price started a downside correction after trading as high as $6,849 against the US Dollar. There is a major bullish trend line formed with support near $6,560 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair should stay above the $6,550 support and the 100 hourly simple moving average to remain in an uptrend. Bitcoin price declined after it failed to break the $6,850 level against the US Dollar. BTC/USD is currently trading near a major support area at $6,560/50. Bitcoin Price…

Bitcoin (BTC) Price Watch: Make or Break at Channel Resistance

Bitcoin Price Key Highlights Bitcoin price looks ready to resume the slide after hitting the resistance at the descending channel. This lines up with the Fib retracement levels, adding strength to the ceiling. Technical indicators also support a continuation of the downtrend. Bitcoin price climbed to the top of its descending channel where sellers were waiting to push it back down. Technical Indicators Signals The 100 SMA is still below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This suggests that the…

Bitcoin Price Watch: BTC/USD Could Surpass $7,000

Key Points Bitcoin price formed a support base above $6,300 and recovered higher against the US Dollar. There was a break above yesterday’s highlighted crucial bearish trend line with resistance at $6,480 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is now placed nicely above the $6,500 resistance level, which is a positive sign. Bitcoin price jumped above the $6,500 barrier against the US Dollar. BTC/USD may continue to gain upside momentum above the $6,800 level in the near term. Bitcoin Price Analysis There…

Cardano (ADA) Price Watch: Ready to Reverse from the Drop?

Cardano Price Key Highlights Cardano is still in its descending channel but might be gaining traction off the bounce. Applying the Fib tool shows the next potential resistance levels that could keep gains in check. Technical signals are looking mixed, with oscillators suggesting further gains in the cards. Cardano appears to be gaining some traction after its channel support bounce and could aim for the Fibs next. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the…

Bitcoin (BTC) Price Watch: Next Upside Hurdles to Clear

Bitcoin Price Key Highlights Bitcoin price broke to the upside of its short-term consolidation pattern to signal bullish pressure. Price has yet to bust through several upside hurdles to confirm that buyers are in control. Technical indicators are mostly suggesting that the drop could still resume. Bitcoin price made a short-term upside break but still faces several upside hurdles before sustaining the rally. Technical Indicators Signals The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means…

Bitcoin Price Watch: BTC/USD Struggle Continues

Key Points Bitcoin price failed to move above the $6,600 resistance and it currently under pressure against the US Dollar. There is a significant bearish trend line formed with resistance at $6,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must move above the $6,500 hurdle and the 100 hourly simple moving average to climb higher. Bitcoin price is still struggling to gain pace above $6,600 against the US Dollar. BTC/USD is likely to hold the $6,325 and $6,230 support levels in the near…

Ethereum (ETH) Price Watch: Stuck in Consolidation, Waiting for Direction

Ethereum Price Key Highlights Ethereum has formed lower highs and higher lows to consolidate inside a symmetrical triangle. Price is approaching the peak of the formation so a breakout could be due anytime soon. Technical indicators appear to be hinting at a potential upside break and rally. Ethereum is currently consolidating inside a short-term symmetrical triangle with the possibility of an upside break. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words,…