Ethereum Price Technical Analysis (May 23): Correction to Support Level Is Expected

Ethereum Price Technical Analysis (May 23): Correction to Support Level Is Expected

Ethereum (ETH) is currently trading at around $237. The virtual coin was in an uptrend until it hit the resistance of $271.66; there is a formation of a hanging man pattern at the resistance level. It is a bearish pattern indicating correction. Support level is at $232.66. Looking at the chart, we see a formation of ascending triangle, which is a bullish signal indicating that the overall trend is yet bullish. Dow Theory According to…

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Bitcoin Price Technical Analysis (May 20): Bullish Patterns Indicate Another Rally

Bitcoin Price Technical Analysis (May 20): Bullish Patterns Indicate Another Rally

Bitcoin (BTC) is currently trading at approximately $7,760. Looking at the chart, we see the formation of a piercing pattern. It is a bullish pattern. Currently the digital coin is at its support of $7,700 with resistance at $8,300. In addition, we see flag and cup pattern, both of which are bullish patterns. Therefore, the overall trend is positive. Long position can be taken, keeping support as a stoploss. Dow Theory According to Dow Theory…

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Bitcoin Cash Price Technical Analysis (May 14): On the Verge of Another Bull Rally

Bitcoin Cash Price Technical Analysis (May 14): On the Verge of Another Bull Rally

Bitcoin Cash (BCH) is currently trading at around $404. Looking at the chart, we can see that the price is in a strong uptrend movement after a minor correction. Also, we can see a formation of cup and handle pattern (similar to BTC’s recent movements); it is a very bullish pattern. The buying point was at around $325. Currently the price is approaching its resistance at $408 with support at $330. Dow Theory According to…

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Bitcoin Price Technical Analysis (May 13): Will BTC Break the $7,400 Resistance Level?

Bitcoin Price Technical Analysis (May 13): Will BTC Break the $7,400 Resistance Level?

Bitcoin (BTC) is currently trading at around $7,020. Looking at the chart, we can see that the largest virtual coin is in a continuous uptrend and broken the resistance at $6,150. Looking at 1 year data we see that the price has again hit the resistance but this time failed to break out. There is formation of shooting star pattern at the resistance. Current resistance is at approximately $7,400 and support at $6,753. Dow Theory…

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Ethereum (ETH) Price Technical Analysis (May 7): Breakout of the $181 Resistance

Ethereum (ETH) Price Technical Analysis (May 7): Breakout of the $181 Resistance

Ethereum (ETH) is currently trading at around $176. The digital coin is in an uptrend and recently we saw it breaking the resistance level of $181, though it is currently trading below the resistance. Looking at the chart, we can see that the next resistance is at $196, while the earlier support was at $166. Dow Theory According to Dow Theory, ETH is currently situated in the public participation phase; during this phase, negative sentiment…

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Bitcoin Price Technical Analysis (May 1): Breaking Resistance of $5,475, Lingering at Support Level

Bitcoin Price Technical Analysis (May 1): Breaking Resistance of $5,475, Lingering at Support Level

Bitcoin (BTC) is currently trading at around $5,400. A bullish engulfing pattern was formed after the digital coin rallied upward and broke the resistance of $5,475. Next resistance is at around $5,625 and support is at around $5,400, the current price level. We also see a formation of spinning top pattern which shows indecision, so we might see some correction. It is suggested not to take any long position and wait for the price to…

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Bitcoin Price Technical Analysis (April 22): A False Breakout?

Bitcoin Price Technical Analysis (April 22): A False Breakout?

Bitcoin (BTC) is currently trading at around $5,300. A breakout was seen above the resistance of $5,315, but it appears to be a false breakout and was confirmed by the formation of hanging man pattern. Hanging Man pattern is bearish pattern, which indicates trend reversal. After the formation of the pattern, we see price moving downwards. The support is around $5,149 and resistance is at $5,315. The range between support and resistance can be used…

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Ripple Price Technical Analysis (April 15): No Indicators of an Upwards Movement

Ripple Price Technical Analysis (April 15): No Indicators of an Upwards Movement

The virtual coin Ripple (XRP) is currently trading at $0.328605. Looking at the chart below, we can see that the price is moving in a sideways trend after a downfall; this can be used for swing trading. We see the formation of bearish engulfing pattern which is a bearish pattern indicating further downfall. Current resistance is at $0.3228 and support is at $3.222. These levels can be used for swing trading. Dow Theory According to…

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Bitcoin Price Technical Analysis (April 11): Facing Strong Resistance at $5,475

Bitcoin Price Technical Analysis (April 11): Facing Strong Resistance at $5,475

Bitcoin (BTC) is currently trading at $5,207. The price is seen to be in a continuous uptrend. Recently, we saw the formation of a Bullish engulfing pattern which is a strong bullish pattern. But looking at the bigger picture we see that the price is facing a strong resistance at around $5,475, so taking a long position is not suggested at the moment; perhaps it would be better to wait for the price to close…

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Ethereum Classic Technical Analysis (April 8): Liftoff After Resistance Level has been Broken

Ethereum Classic Technical Analysis (April 8): Liftoff After Resistance Level has been Broken

Ethereum Classic (ETC) is currently trading at $7.32. Looking at the chart below we see that the resistance around $5.4 has been broken and the price is moving upwards with formation of a Bullish engulfing pattern. The current support is at around $5.9, while for the resistance we currently see two hurdles, one minor resistance is at around $7.4 and one major resistance at around $9. Dow Theory According to Dow Theory, the cryptocurrency is…

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