Dean

Owner, Editor, and lead writer for Cryptorials.

Cryptocurrency writer and trader since 2014.

AMA Anytime: 21.co/cryptorials
Dean



Latest Price News and Analysis

  • Owning Bitcoin Legal Despite Govt Trading Ban, Says Bank of China Council
    by Joseph Young on May 22, 2019 at 7:31 am

    By CCN: According to Sa Xiao, a Council Member at the Bank of China’s Law Research Association, it is legal for individuals to own bitcoin in China despite the government’s blanket ban on trading. CnLedger, a recognized crypto news source based in China, said: ‘It is legal to own bitcoins in China’ says Sa Xiao, Council Member at Bank of China Law Research Association, cited by The Beijing News. Besides, Xiao considers the occasional exchange of bitcoins between […]

  • Bitcoin (BTC) Price Trading Sideways: Bulls Eyeing Fresh Increase
    by Aayush Jindal on May 22, 2019 at 6:00 am

    Bitcoin price failed to gain momentum above $8,150 and $8,200 against the US Dollar. The price is slowly moving lower in a range and it could test the $7,700 or $7,660 support. This week’s followed key bullish trend line was breached with support near $7,980 on the hourly chart of the BTC/USD pair (data feed... The post Bitcoin (BTC) Price Trading Sideways: Bulls Eyeing Fresh Increase appeared first on NewsBTC. […]

  • Ripple (XRP) Price Following Uptrend: Can Bulls Take Over?
    by Aayush Jindal on May 22, 2019 at 5:00 am

    Ripple price found a strong support near the $0.3800 level and recently moved higher against the US dollar. The price is now placed above the $0.3950 and $0.4000 levels and it could continue higher. Yesterday’s highlighted major bullish trend line is intact with support near $0.3950 on the hourly chart of the XRP/USD pair (data... The post Ripple (XRP) Price Following Uptrend: Can Bulls Take Over? appeared first on NewsBTC. […]

  • Ethereum (ETH) Price Grinding Higher: Fresh Rise Above $265 Likely
    by Aayush Jindal on May 22, 2019 at 4:08 am

    ETH price is slowly moving higher and it is currently holding the $250 support against the US Dollar. The price is likely to gain pace above the $265 and $270 resistance levels in the near term. Yesterday’s highlighted ascending channel is intact with support near $252 on the hourly chart of ETH/USD (data feed via... The post Ethereum (ETH) Price Grinding Higher: Fresh Rise Above $265 Likely appeared first on NewsBTC. […]

  • Coinbase’s Weekly Ethereum (ETH) Volume Up 28% Could Be A Bullish Hint
    by Dalmas Ngetich on May 21, 2019 at 7:00 pm

    Ethereum (ETH) up 28.1 percent Trading volumes surge ahead of Istanbul hard fork and Serenity Serenity is supportive of prices. So far, Ethereum (ETH) is up 28.1 percent. Even so, there is room for further upsides once there is a close above the psychological $300 mark. Ethereum Price Analysis Fundamentals Several factors are behind investors’... The post Coinbase’s Weekly Ethereum (ETH) Volume Up 28% Could Be A Bullish Hint appeared first on NewsBTC. […]

  • Strong Barriers at $8,500, But Bitcoin (BTC) Bulls Are Steadfast
    by Dalmas Ngetich on May 21, 2019 at 6:00 pm

    Bitcoin (BTC) stable and ranging The US SEC delays VanEck Bitcoin ETF decision date by another three months Bulls are resilience, and after shaking off the $1,000 drop of May 19, Bitcoin is stable and ranging. Even so, any break and close above $8,500 will draw buyers aiming at $10k or higher confirming bulls of... The post Strong Barriers at $8,500, But Bitcoin (BTC) Bulls Are Steadfast appeared first on NewsBTC. […]

  • Ripple (XRP) add 21.7 Percent, Resistance at 40-43 cents Zone
    by Dalmas Ngetich on May 21, 2019 at 5:00 pm

    Ripple (XRP) ranging but the uptrend is firm XRP classification will either trigger a rally or a large-scale dump Like most liquid assets, Ripple (XRP) is consolidating, trading inside May 14th and 15th high low in a bullish breakout pattern. All the same, bulls are in pole position. As fundamentals and candlestick arrangement diverge, it... The post Ripple (XRP) add 21.7 Percent, Resistance at 40-43 cents Zone appeared first on NewsBTC. […]

  • Hedge Fund Execs Predict Bitcoin Price will Close 2019 at $9,659
    by Davit Babayan on May 21, 2019 at 4:07 pm

    The bitcoin price has surged a little above 114 percent in 2019 so far. But, according to a new poll, the cryptocurrency has extra fuel to sustain its upside action further. US comparison website Finder surveyed ten FinTech capitalists, including executives from hedge funds Arca and BitBull Capital, on Friday. The portal found that a... The post Hedge Fund Execs Predict Bitcoin Price will Close 2019 at $9,659 appeared first on NewsBTC. […]

  • Why JPMorgan Chase Suddenly Found “Intrinsic Value” in Bitcoin
    by Davit Babayan on May 21, 2019 at 1:02 pm

    Banking giant JPMorgan Chase & Co. is not much of a bitcoin fan. The $2.63-trillion behemoth found itself on the opposite side of cryptocurrencies ever since its chief executive officer, Jamie Dimon, called bitcoin a fraud. He said in 2017 that the cryptocurrency was “not a real thing,” and will eventually die. Two years later,... The post Why JPMorgan Chase Suddenly Found “Intrinsic Value” in Bitcoin appeared first on NewsBTC. […]

  • Bitcoin Price Blitzed $20,000, 13 Days After it Last Closed at $8,300;...
    by Joseph Young on May 21, 2019 at 7:26 am

    By CCN: Year-to-date, the bitcoin price has surged by 113 percent in a stunning recovery, achieving $8,000 in merely six months after plunging to $3,150 in December 2018. As said by Thomas Lee, a co-founder at Fundstrat Global, bitcoin has historically tended to record most of its gains in a short time frame, typically in a 10-day window, unlike traditional assets and asset classes. 2/ Reminder that BTC generally generates all of its performance within 10D of any year.–ex the top 10 days, […]

  • Bitcoin (BTC) Price Watch: Breakout or Further Decline?
    by Aayush Jindal on May 21, 2019 at 6:00 am

    Bitcoin price started a downside correction after tagging the $8,300 resistance against the US Dollar. The price tested the $7,575-7,600 support area and recently rebounded towards $8,100. Yesterday’s highlighted important bullish trend line is intact with support near $7,810 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely... The post Bitcoin (BTC) Price Watch: Breakout or Further Decline? appeared first on NewsBTC. […]

  • Bitcoin Will Die if These 4 Problems Remain Unsolved: Teen Crypto...
    by Mark Emem on May 21, 2019 at 5:41 am

    By CCN: Teenage bitcoin millionaire Erik Finman has once again thrown himself into the spotlight by claiming that the flagship cryptocurrency ‘will die’ unless the sticky issues it is facing are resolved. Speaking to Yahoo Finance, Finman indicated that the sticky issues plaguing Bitcoin are four. This includes its complexity with regards to use, high transaction fees, slow processing speeds and in-fighting among development teams. It’s facing four big problems. One, its high […]

  • Crypto Market Holding Key Support: Bitcoin Cash, Litecoin (LTC), ADA, TRX...
    by Aayush Jindal on May 21, 2019 at 5:00 am

    The total crypto market cap is currently above the key $225.0B and $230.0B support levels. Bitcoin price seems to be struggling to clear the $8,000 barrier and is trading in a range. Litecoin (LTC) price is currently consolidating above $90.00, with resistances near $92.00 and $95.00. Bitcoin cash price settled above the $400 resistance area... The post Crypto Market Holding Key Support: Bitcoin Cash, Litecoin (LTC), ADA, TRX Analysis appeared first on NewsBTC. […]

  • Mainstream Business Journalist Foolishly Warns Bitcoin Is Going to Zero
    by Gerelyn Terzo on May 21, 2019 at 4:13 am

    By CCN: Didn’t the “60 Minutes” segment on bitcoin teach the mainstream media anything? New York Post columnist John Crudele is railing against cryptocurrencies. More specifically, he’s rehashing an outdated argument in an article entitled: “Bitcoin Will Soon Be Worth Zero.” His reason for sounding the alarm is simple: “Last Thursday night bitcoin crashed by about $1,000, to around $7,000.” Someone should break the news that $1,000 swings are […]

  • Ether trading cryptocurrency market update for May 20, 2019
    on May 20, 2019 at 10:29 pm

    Bitcoin trading can be extremely profitable for professionals or beginners. The market is still new. Learn the best strategies with this article. […]

What is Technical Analysis?

Technical analysis (TA) is a methodology for forecasting future price movements by studying past market data for price and volume, and seeking patterns within that data.

A technical analyst will look for continuing patterns, or trends, which indicate the general direction of price movement. They will also look for repeating patterns, which are used to gauge whether a trend is likely to continue or reverse, and to indicate the point at which a reversal may take place. In addition to visually recognizable patterns, various mathematical models are used to indicate trend reversals or confirm continuing trends. These mathematical ‘indicators’ are often visually represented on charts using an ‘overlay’. Indicators can be used to select entry points for longer term positions determined via fundamental analysis, or for day trading strategies such as swing trading.

Many of these visual and mathematical patterns, which tend to repeat over and over again in various different financial markets, have been identified over the course of centuries. Analysts will seek to identify these patterns forming within current market data  in order to find indicators for forecasting, and multiple indicators will usually be combined together to provide buy or sell signals of varying strengths.

A typical chart has been embedded at the top of this page which includes two common indicators – Bollinger bands and moving average lines – and one more interesting and unusual indicator: the phases of the moon. You can modify the chart to look for other indicators by clicking the button which looks like a bar chart with a zig-zag arrow above it.

Does it Work for Bitcoin & Altcoins?

The patterns studied by TA are generally caused by the actions of market participants themselves, rather than any changes to the underlying value of what is being traded (although of course the underlying value changes are ‘priced in’ by the market participants). They represent common psychological traits, the actions of people making decisions based on knowledge which comes into their possession, and so on. As such, these techniques can be applied to most financial markets.

It is generally thought, however, that these techniques do tend to break down in smaller markets with low volume and liquidity.

So it is probably safe to say that if technical analysis works at all, then it should work for Bitcoin. But is also true to say that it will be unreliable for smaller altcoin markets. This is not a hard rule, but a general guide. The most popular altcoins, or coins going through periods of high volume, may prove to be valid exceptions. It is down to the individual trader to make a judgement as to what extent these tools can be trusted for any specific market.

Top Resources for Bitcoin Technical Analysis by Experts

If you are new to this topic then perhaps the best thing that you can do is follow the analysis provided by established experts, both for making more educated investment decisions and for learning how to become a better analyst yourself. You can view some great articles published on news websites in the left hand column of this page, but for more detailed and timely information here are some of the best sources for professional analysts’ opinions on the Bitcoin price:

  1. XBT Social: For a monthly membership fee this site give you access to a daily analysis by professional traders, email alerts for sudden price movements, exclusive news stories, and access to an ‘exclusive community’ of other traders.
  2. BullBearAnalytics: A team of professional analysts provide paying members of this site with complete, actionable trade signals for both BTC and altcoins, a daily market update, and a more in-depth weekly report.
  3. BraveNewCoin Reports: This is a well-known information site which publishes regular reports covering sentiment, fundamental and technical analysis extended across a wide range of altcoin markets as well as BTC.
  4. TradingView: In addition to providing a range of charting tools you may find useful, TradingView allows its users to share their analysis with others. This is the only source in this section where you an view content for free, but please beware that not all of the authors are professional traders.

Analyst Opinion Summary

The widget you can see below displays the latest opinion of analysts on Investing.com with simple signals of ‘Strong Buy’, ‘Buy’, ‘Neutral’, ‘Sell’ and ‘Strong Sell’. It is automatically set to a 1 minute time Frame which probably won’t be very useful for most traders, but you can change that to display a longer period without leaving the page:

Technical Summary Widget Powered by Investing.com

Bitcoin Technical Analysis Software: Charts and Tools

A handy charting tool created by TradingView is provided at the top of this page, and I wholeheartedly recommend you have a play with it if you haven’t already. But of course there are also many other useful charts and tools that you may like to use. Here are some of the best ones:

  • Cryptowatch – This site allows you to view price data chart from a range of different exchanges for BTC/USD, BTC/EUR and BTC/CNY. They offer a range of different chart types including Heikin-Ashi, bar, line, mountain or candlestick, and access to a wide range of customizable indicators and overlays. If you create an account you can also connect it to the Bitfinex exchange API and use it as a complete trading platform.
  • BTC-E – One of the most popular tools on the traditional financial markets is MetaTrader 4. This exchange allows you to use MT4 for Bitcoin trading.
  • Bitcoin Charts – This site has a clean design and is easy to use, and offers a wide range of charts including candlestick, OHLC, closing, median, or typical price, and weighted close. You can view data from pretty much every BTC/fiat exchange with up to four indicators at a time.
  • Quandl – If you want to go beyond price and volume data to look at things like the transaction and mining data then this is a great source of information with lots of different charts and the option to export data via API or download as CSV files.
  • TradingView – You can see and use the charting tool from TradingView at the top of this page.
  • BitcoinChain – An interesting combination of TA charting tools and block explorer for general network stats and transactions, which also pulls order books and latest trades from several top exchanges.

Best Free Sites to Start Learning Technical Analysis

There are loads of great resources available on the internet that you can access for free, to start your journey and learn all about TA. Here is a small selection of the best ones:

  • Investopedia: The Basic of Technical Analysis – If you are a complete beginner then this is a great place to start. It will introduce you to the basic principles and terminology that you need to know, as well as some of the most popular chart types and indicators.
  • Chart School – This free resource provided by the StockCharts.com website includes a huge amount of information on every aspect of TA.
  • InvestTools – There are some really excellent paid courses here, but there are also several free classes which are well worth it for beginners.
  • ProBitcoinTrading – Although not specifically related to just TA, this site offers some excellent general trading tips, including a free ebook as well as premium ebooks and consultancy services.