Bitcoin Price Watch: BTC/USD Signaling Bullish Continuation Towards $6,700

Key Points Bitcoin price recovered nicely after forming a support base near $6,200 against the US Dollar. There was a break above a key contracting triangle with resistance at $6,375 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair may perhaps continue to move higher towards the $6,570 and $6,750 resistance levels. Bitcoin price is signaling more gains above $6,550 against the US Dollar. BTC/USD could accelerate once buyers gain momentum above $6,550-6,600. Bitcoin Price Analysis Yesterday, we saw a downside correction below the $6,300…

Bitcoin (BTC) Price Watch: Could This Be a Reversal Pattern?

Bitcoin Price Key Highlights Bitcoin price appears to be forming an inverse head and shoulders pattern on its 1-hour time frame. This is considered a classic reversal signal and if confirmed, price could pull up from its earlier drop. Technical indicators are also reflecting the presence of bullish momentum. Bitcoin price might be forming an inverse head and shoulders pattern as it moves to test the neckline soon. Technical Indicators Signals The 100 SMA is crossing above the longer-term 200 SMA to indicate that the path of least resistance is…

Bitcoin Price Watch: What Does BTC/USD’s Failure Near $6,600 Indicate?

Key Points Bitcoin price jumped above the $6,400 and $6,550 resistance levels, but failed to hold gains against the US Dollar. There is a major bullish trend line in place with support at $6,240 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair clearly made a failed attempt to break the $6,550 and $6,600 resistance levels, and declined. Bitcoin price gained momentum above $6,400, but it was unsuccessful near $6,650 against the US Dollar. BTC/USD trimmed all yesterday’s gains and settled below $6,400. Bitcoin Price…

Ripple (XRP) Price Watch: Will More Bulls Join In?

Ripple Price Key Highlights Ripple recently busted through a descending trend line to signal that a reversal from the downtrend is underway. Price is pulling back to the broken resistance, though, so a retest appears to be taking place. If the former resistance holds as support, price could resume the climb to the swing high or the next Fib extension levels. Ripple price is retesting a broken falling trend line resistance that might hold as a floor and push it to the extension levels next. Technical Indicators Signals The 100…

Bitcoin (BTC) Price Watch: Trend Line Break and Correction

Bitcoin Price Key Highlights Bitcoin price recently broke above a short-term descending trend line as an early reversal signal. Price reached the $6,650 level then made a pullback to the broken resistance, which lines up with the Fibs. Technical indicators also suggest a continuation of the reversal. Bitcoin price broke above its descending trend line and is making a retest of this area before heading further north. Technical Indicators Signals The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to…

Bitcoin Price Watch: BTC/USD’s Rebound Above $6,350 is Real?

Key Points Bitcoin price recovered nicely after trading as low as $5,894 and moved above $6,200 against the US Dollar. There is a new connecting bullish trend line forming with support at $6,180 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could revisit the $6,550 resistance zone as long as it is above the $6,150 level. Bitcoin price rebounded more than $300 from lows against the US Dollar. However, BTC/USD is facing many resistances near $6,450 and $6,550. Bitcoin Price Analysis Recently, we saw…

Bitcoin (BTC) Price Watch: Bullish Divergence Spotted

Bitcoin Price Key Highlights Bitcoin price is still hovering above the long-term support around the $6,000 area. A bullish divergence can be seen, suggesting that a bounce may be in order. Moving averages, however, still indicate that more losses are in the cards. Bitcoin price is still testing the long-term floor, and a bullish divergence signals that a bounce may happen. Technical Indicators Signals The 100 SMA just crossed below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This suggests that the…

Bitcoin Price Watch: BTC/USD Broke Key Supports, Turns Bearish

Key Points Bitcoin price failed to stay above the $6,300 and $6,280 support levels against the US Dollar. Yesterday’s highlighted key contracting triangle was breached with support at $6,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair even traded to a new monthly low below $6,000 and moved into a bearish zone. Bitcoin price broke key supports near $6,280 against the US Dollar. BTC/USD may correct higher, but broken supports at $6,050 and $6,280 are likely to cap gains. Bitcoin Price Analysis Yesterday, we…

Ripple (XRP) Price Watch: Bearish Pullback in the Making

Ripple Price Key Highlights Ripple price recently fell through short-term consolidation to test the bottom of its channel. Support appears to be holding, so price could be due for a pullback to the descending channel resistance from here. The Fib retracement tool shows the potential correction levels where more bears might be waiting. Ripple price fell to the bottom of its descending channel on the 1-hour chart and might be due for a quick correction. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA to show that…

Bitcoin Price Watch: BTC/USD Could Rebound Above $6,500

Key Points Bitcoin price found support near the $5,970-6,000 area and recovered nicely against the US Dollar. There is a major contracting triangle forming with resistance near $6,480 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must break the $6,480 and $6,570 resistance levels to gain upside momentum in the near term. Bitcoin price is showing positive signs above $6,280 against the US Dollar. BTC/USD could soon break the $6,480 and $6,570 resistances to rebound further. Bitcoin Price Analysis This past week, we saw…