A Complete Guide to Bitcoin Technical Analysis
Latest posts by Dean (see all)
- Why commodity-backed cryptocurrencies may be the best investment - August 21, 2019
- FCA held the meeting on increasing control of cryptocurrencies in the UK supervisory authority - August 14, 2019
- What you need to know about Bitcoins - August 14, 2019
Latest Price News and Analysis
Bitcoin (BTC) Price Testing Last Line Of Defense With Positive Bias
by Aayush Jindal on August 24, 2019 at 4:10 am
Bitcoin price is showing positive signs and settled above $10,000 against the US Dollar. The price is now trading near the key $10,400 resistance area, which is preventing gains. Yesterday’s highlighted important bearish trend line is acting as a solid resistance near $10,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).... The post Bitcoin (BTC) Price Testing Last Line Of Defense With Positive Bias appeared first on NewsBTC.
Crypto Exchange OKEx Pounds the Table on 34% Bitcoin Price Surge
by Harsh Chauhan on August 23, 2019 at 8:06 pm
By CCN Markets: Crypto exchange OKEx isn't concerned that the bitcoin price appears to have hit a wall just above the $10,000 mark. In fact, the industry giant believes BTC will surge another 34% to $14,000 before the end of the year, thanks to a helping hand from the US Federal Reserve. #Fed is expected […] The post Crypto Exchange OKEx Pounds the Table on 34% Bitcoin Price Surge appeared first on CCN Markets
Bitcoin Rises Minutes After China Announces Additional Tariffs on US
by Davit Babayan on August 23, 2019 at 2:57 pm
Bitcoin began an impressive price surge minutes after China announced that it would slap additional tariffs on US goods. Beijing said late Friday that it would increase taxes on $70 billion worth of US imports of between 5 and 10 percent. That progressed its already worsening trade dispute with Washington which last week had announced... The post Bitcoin Rises Minutes After China Announces Additional Tariffs on US appeared first on NewsBTC.
Tim Draper: Bitcoin 'Magic' Will Dwarf Internet's Game-Changing Impact
by Samantha Chang on August 23, 2019 at 2:40 pm
By CCN Markets: Tech billionaire Tim Draper says the far-reaching impact of bitcoin "magic" will dwarf the sprawling influence that even the internet has had. The internet has radically transformed major industries such as communications, gaming, entertainment, and media. However, Draper says bitcoin and the technologies branching from it (blockchain, smart contracts, and artificial intelligence) […] The post Tim Draper: Bitcoin 'Magic' Will Dwarf Internet's Game-Changing Impact appeared […]
Bitcoin (BTC) Price Near Inflection Point: Bears Remain In Control
by Aayush Jindal on August 23, 2019 at 6:00 am
Bitcoin price is currently correcting higher above the $10,000 resistance against the US Dollar. The price is facing many key resistances near the $10,250, $10,300 and $10,400 levels. There is also a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price... The post Bitcoin (BTC) Price Near Inflection Point: Bears Remain In Control appeared first on NewsBTC.
Crypto Market And Bitcoin Approaching Resistance: ETC, BCH, EOS, TRX...
by Aayush Jindal on August 23, 2019 at 5:00 am
The total crypto market cap is currently correcting higher towards the $268.0-$270.0B resistance. Bitcoin price is also approaching towards a major resistance near the $10,200 and $10,250 levels. EOS price recovered more than 5% and it is now trading near the $3.650 resistance. Ethereum Classic price rallied close to 20% and broke the $7.00 resistance... The post Crypto Market And Bitcoin Approaching Resistance: ETC, BCH, EOS, TRX Analysis appeared first on NewsBTC.
Ripple Price (XRP) Facing Uphill Task: Fresh Decline Likely
by Aayush Jindal on August 23, 2019 at 4:08 am
Ripple price started an upside correction after trading as low as $0.2580 against the US dollar. Bitcoin price is back above $10,000, but it is facing many important resistances near $10,250. Yesterday’s followed key declining channel with resistance near $0.2670 was breached on the hourly chart of the XRP/USD pair (data source from Kraken). The... The post Ripple Price (XRP) Facing Uphill Task: Fresh Decline Likely appeared first on NewsBTC.
Ethereum Price (ETH) At Potentially Major Turning Point
by Aayush Jindal on August 23, 2019 at 3:08 am
ETH price started a decent recovery after it tested the $180 support area against the US Dollar. The price is currently struggling to break a major resistance area near the $195 level. There is a key contracting triangle forming with resistance near $194 on the hourly chart of ETH/USD (data feed via Kraken). The pair... The post Ethereum Price (ETH) At Potentially Major Turning Point appeared first on NewsBTC.
Monero (XMR) trading cryptocurrency market update for Aug 22, 2019
on August 23, 2019 at 2:10 am
Bitcoin trading can be extremely profitable for professionals or beginners. The market is still new. Learn the best strategies and Monero technical analysis with this article.
Brian Kelly Is Short-Term Bearish but Sees 'Generational Opp' in Bitcoin
by Francois Aure on August 23, 2019 at 2:00 am
By CCN Markets: The bitcoin price might have broken back above the $10,000 level today, but one notable trader isn’t impressed. Speaking on CNBC, crypto investor Brian Kelly, who is usually the biggest bitcoin bull in the room, made it clear that he has turned bearish on BTC/USD despite its recent bounce. Longer-term, however, Kelly […] The post Brian Kelly Is Short-Term Bearish but Sees 'Generational Opp' in Bitcoin appeared first on CCN Markets
Why Bitcoin Rules in the ‘Insane’ World of Negative Interest Rates
by Ben Brown on August 22, 2019 at 11:59 am
By CCN Markets: In Denmark, some depositors are now paying the bank to look after their money. In Germany, the 30-year bond yield just went negative. A total $17 trillion of global bonds are now negative and it’s rising at a rate of a trillion a week. On the flip-side, Danish banks will pay you […] The post Why Bitcoin Rules in the ‘Insane’ World of Negative Interest Rates appeared first on CCN Markets
Bitcoin (BTC) Price Target Additional Weakness, Upsides Remain Capped
by Aayush Jindal on August 22, 2019 at 6:00 am
Bitcoin price declined heavily in the past few sessions below $10,000 against the US Dollar. The price is currently correcting higher after it tested the $9,750 support area. There is a declining channel forming with resistance near $10,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could correct higher... The post Bitcoin (BTC) Price Target Additional Weakness, Upsides Remain Capped appeared first on NewsBTC.
Crypto Market And Bitcoin Turn Vulnerable: BCH, BNB, EOS, TRX Analysis
by Aayush Jindal on August 22, 2019 at 5:00 am
The total crypto market cap extended its decline and broke the key $260.0B support. Bitcoin price declined around 8% and settled below the key $10,000 support. EOS price traded below the $3.550 support and remains at a risk of more downsides. Binance Coin (BNB) is extending its decline below the key $27.50 support level. BCH... The post Crypto Market And Bitcoin Turn Vulnerable: BCH, BNB, EOS, TRX Analysis appeared first on NewsBTC.
Ripple Price (XRP) Targets Fresh Monthly Low: BTC & ETH Takes Hit
by Aayush Jindal on August 22, 2019 at 4:08 am
Ripple price is following a bearish path and it recently broke the $0.2700 support against the US dollar. Bitcoin price is down around 8% and it settled below the key $10,000 support area. There is a major declining channel forming with resistance near $0.2680 on the hourly chart of the XRP/USD pair (data source from... The post Ripple Price (XRP) Targets Fresh Monthly Low: BTC & ETH Takes Hit appeared first on NewsBTC.
Ethereum trading cryptocurrency market update for Aug 21, 2019
on August 22, 2019 at 3:44 am
Bitcoin trading can be extremely profitable for professionals or beginners. The market is still new. Learn the best strategies and Etherium technical analysis 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:
- 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.
- 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.
- 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.
- 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:
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.