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Dean



Latest Price News and Analysis

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  • Dogecoin Price Soars 25%, Why DOGE Bulls Are Not Done Yet
    by Aayush Jindal on February 29, 2024 at 4:58 am

    Dogecoin is up over 25% against the US Dollar. DOGE cleared the $0.120 resistance and might continue to rise toward the $0.132 resistance. DOGE started a strong increase after it broke the $0.0850 resistance against the US dollar. The price is trading above the $0.120 level and the 100 simple moving average (4 hours). There was a break above a key contracting triangle with resistance at $0.0845 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price could extend its rally […]

  • Ethereum Price Prepares To Go On Another Bullish Spree, Key Support Intact
    by Aayush Jindal on February 29, 2024 at 4:07 am

    Ethereum price climbed to a new multi-month high above $3,400. ETH is consolidating like Bitcoin and seems to be setting up for another bullish spree. Ethereum extended its increase above the $3,400 resistance zone. The price is trading above $3,350 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct lower, but dips might be limited below the $3,250 support zone. […]

  • Bitcoin Price Sees Wild Swing Moves, Uptrend To Extend Toward $70K?
    by Aayush Jindal on February 29, 2024 at 3:05 am

    Bitcoin price rallied further above $62,000. BTC is now consolidating gains and might soon attempt another upward move toward the $64,000 resistance. Bitcoin price is consolidating gains below the $60,000 resistance zone. The price is trading above $60,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $60,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its current rally toward the $64,000 […]

  • XRP Price Prediction: Momentum Reignites As Bulls Aim For $0.75
    by Aayush Jindal on February 28, 2024 at 4:00 pm

    XRP price is gaining pace above the $0.550 resistance. The bulls seem to be aiming for a move above the $0.60 and $0.62 resistance levels. XRP started a fresh increase above the $0.550 resistance level. The price is now trading above $0.575 and the 100 simple moving average (4 hours). There was a break above a major contracting triangle with resistance at $0.560 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh rally if there is a close above the […]

  • Ethereum Price Primed To Hit $3.5K After Bitcoin Rallies Past $60K
    by Aayush Jindal on February 28, 2024 at 2:29 pm

    Ethereum price climbed to a new multi-month high above $3,300. ETH is consolidating while Bitcoin is gaining pace above the $60,000 resistance. Ethereum extended its increase above the $3,300 resistance zone. The price is trading above $3,250 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its increase toward $3,420 or even $3,500 in the near term. […]

  • Bitcoin Price Consolidates Gains, Can BTC Extend Rally To $60K?
    by Aayush Jindal on February 28, 2024 at 3:05 am

    Bitcoin price rallied further toward $58,000. BTC is now consolidating gains and might soon attempt more gains toward the $60,000 resistance. Bitcoin price is consolidating gains below the $57,500 resistance zone. The price is trading above $56,000 and the 100 hourly Simple moving average. There is a rising channel forming with resistance near $57,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its current rally toward the $60,000 resistance zone. […]

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  • SOL Price Restarts Rally – Why Solana Could Surge Over 10%
    by Aayush Jindal on February 27, 2024 at 4:48 am

    Solana is gaining bullish momentum above $108. SOL price is showing positive signs, and it could even surpass the $118 resistance in the near term. SOL price started a fresh increase from the $98.50 support against the US Dollar. The price is now trading above $108 and the 100 simple moving average (4 hours). There was a break above a major bearish trend line with resistance at $108.80 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could continue to rally if it […]

  • Ethereum Price Rally Stalls As Bitcoin Pumps But Bulls Are Not Done Yet
    by Aayush Jindal on February 27, 2024 at 4:05 am

    Ethereum price climbed to a new multi-month high above $3,200. ETH is consolidating while Bitcoin is gaining pace above the $55,000 resistance. Ethereum extended its increase above the $3,200 resistance zone. The price is trading above $3,175 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its increase toward $3,320 or even $3,450 in the near term. Ethereum […]

  • Bitcoin Price Moons To $57K As The Bulls Aim For $60K
    by Aayush Jindal on February 27, 2024 at 3:08 am

    Bitcoin price is up over 10% and surging toward $58,000. BTC is signaling a strong upward trend and might surge toward the $60,000 resistance. Bitcoin price is gaining pace above the $55,000 resistance zone. The price is trading above $55,000 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance at $51,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its current rally toward the $60,000 resistance […]

  • XRP Price Soars: Analyst Predicts Surge Beyond $200
    by Godspower Owie on February 26, 2024 at 11:00 am

    In spite of a slight adverse trend in the crypto market, XRP has been gradually rising in recent days, fueling positive and bullish predictions from market analysts to unprecedented heights. XRP Might Rally To New All-Time High Sooner Than Expected Javon Marks, a cryptocurrency expert and internet personality, has revealed his optimism towards XRP, sharing a daring prediction regarding the crypto asset’s future with the community on the social media platform X (formerly Twitter). Related […]

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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.