Bitcoin > Bitcoin technical analysis

Fresh Cryptocurrency Analytics from FXOpen - Bitcoin, Litecoin, Ethereum

<< < (2/33) > >>

FXOpen:
No Progress for BTC/USD as Fork Fears Reemerge

Since our last update a few days ago BTC/USD prices remained mostly range-bound. Initially, it looked like we may break the important $3,000 handle but after fork fears reappeared prices took a nosedive today.

Bitcoin Ranges as Fork Fears Reemerge

Bitcoin is quoted at $2,546 dollars per coin right now, slightly down from the $2,558 handle noted in our last update. Volatility has been high though and during this time we hit a high of $2,750 and a low of $2,523.



Technically the trend on the daily charts is still up. To end it the bears will need to take us below this month’s low at $1,812. A break of this important level would also start a new downtrend. On the weekly and monthly charts, the trend remains up.

Fundamentally, fork fears took center stage again during the past few days. A UAHF (User Activated Hard Fork) called bitcoin cash will launch on August 1st. The code is mostly the same as the current bitcoin, with an added blocksize increase to 8 MB. Exchange VIABTC listed a futures contract of Bitcoin Cash (BCC). It is currently trading at 3,030 Yuan for one coin or about $449 at current exchange rates.

It is rumored that BCC is a ‘backup bitcoin’ for some Chinese miners who fear that the 2 MB hard fork part of the Segwit2x code won’t be honored 3 months down the line. More on the technical details about Segwit2x HERE. More on bitcoin cash and the future implications for BTC holders HERE.

Read about Litecoin on FXOpen blog.

FXOpen:

The long-anticipated bitcoin fork finally happened today. Prices first rallied going into the event only to drop few hours before the split. Alts followed a reverse pattern with losses pre-fork and large gains shortly after.

Bitcoin Forks, Prices Drop From Highs


Bitcoin prices hit a high of $2,892 on FXOpen today just hours before the BCC hard fork. Soon after, however, we saw a large crash of over $200 in less than four hours.





Before we go let’s recap what’s going on here for our newer readers. A UAHF (User Activated Hard Fork) called bitcoin cash launched on August 1st. The code is mostly the same as the current bitcoin, with an added blocksize increase to 8 MB. Exchange VIABTC (and others) now allow trading of Bitcoin Cash (BCC).


It is rumored that BCC is a ‘backup bitcoin’ for some Chinese miners who fear that the 2 MB hard fork part of the Segwit2x code won’t be honored 3 months down the line. More on the technical details about Segwit2x HERE. More on bitcoin cash and the future implications for BTC holders HERE.


Now let’s get back to the charts! It appears that the size of the drop was similar to the ‘dividend’ in the form of free BCC for every BTC holder. Before the fork, bitcoin cash (BCC) was trading at 1 to 10 ratio to regular BTC, implying a value of close to $290 dollars at the highs.


Technically we’re still in an uptrend on the daily charts. To end it the bears will have to push us below the $2,400 swing low. A new downtrend, however, requires a breakdown below the July lows at $1,812 dollars. On the long-term charts BTC/USD is also in an uptrend.


Read about Litecoin on FXOpen blog

Key:
Just keep hodling long term. All good choices.

FXOpen:

Bitcoin Rallies Into Segwit Lock


Bitcoin prices rallied close to 24 percent in a week. The main driver for the gains seems to be the Segwit lock, expected to happen later today. Current projections set the lock at 25 blocks from now, around 17:46 GMT.





The ‘lock in’, just like the name says, is when Segwit gets locked in. Two weeks from this date the Segwit part of the Segwit2x upgrade becomes active. More on the technical details about Segwit2x HERE.


Today could produce some violent swings, similar to what we saw during the BIP91 activation a few weeks ago. It appears that some traders are already booking profits before the lock is final, fearing a similar decline. Looking at bitcoin from the daily charts however allows us to avoid some of this noise.


We are currently trading near all-time highs at $3,383, down from $3,491 this morning. Support below here can be found at the round $3,000 figure, closely followed by the $2,892 swing high and the $2,597 swing low. A decisive break below here would end the current bullish trend. Further down we have more support at $2,400, $2,000 and $1,812 dollars per coin. A break below $2,200 would start a new BTC downtrend. On the long-term weekly and monthly charts, BTC/USD is in rally mode as well.


Read about Litecoin on FXOpen blog

FXOpen:
Bitcoin Surges by $694 Dollars

Bitcoin prices hit a new all-time high of $4,420 dollars yesterday. Since then we’ve dropped a bit and are currently quoted at $4,077, still up by over 20 percent in the last 7 days.



As you can see on the chart above, the steady uptrend continues. The market seems to be well supported by the expected Segwit activation. Current projections put the time of activation on August 22nd, around 18 GMT. At some point, market participants will ‘sell the news’ but that will probably happen closer to the activation date.

The daily charts are still looking bullish. The bears will have to push BTC/USD below the $3,000 level to end the current uptrend. Above here support can be found at the $3,500 round figure, closely followed by the $3,495 swing high. Further up today’s low at $3,929 on FXOpen could act as short-term support, followed by the $4,000 round number.

The all-time high at $4,420 will present some challenge to rising prices but a more important level should be the $4,500 round figure. A breakout above here could lead to more gains toward the $5,000 level. On the longer-term weekly and monthly charts, bitcoin is in rally mode as well.

Read about Litecoin on FXOpen blog

Navigation

[0] Message Index

[#] Next page

[*] Previous page

It appears that you have not registered with Bitcoin Forum. To register, please click here...
Go to full version