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Bitcoin Faces Significant Technical Price Hurdle – Could Establish Short Term Direction

BTC/USD 4 hour chart

BTC/USD 4-Hour Chart

The leading cryptocurrency Bitcoin BTCUSD continues to advance in today’s session although momentum is fading into the ladder half of the trading session. We noted earlier that the daily and 4-hour technicals are looking overbought and perhaps lending to the momentum decline. Also this coincides with the double-top formation on the 4-hour chart above. We will be taking our short-term cue from this time frame and also the global geopolitical environment which seems to have distracted the fickle media from stomping the entire cryptocurrency marketplace after the Mt. Gox collapse.

Getting through the 715 area again may signal a run at the 900 area. The daily chart below shows us the support at the 200 EMA, but upside will have to challenge a wall of technical resistance. This is the first significant technical obstacle since the meltdown of Mt. Gox. To say this is important would be an understatement.

BTCUSD Daily chart

BTC/USD Daily chart

 

Timothy Kelly
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