Bitcoin Analysis for 2020-01-02 [Premium Analysis]

Bitcoin Analysis for 2020-01-02 [Premium Analysis]
фото показано с : beincrypto.com

2020-1-3 13:34

\nBitcoin Price Highlights The Bitcoin price has fallen to a minor support area near $7150. It is nearing the completion of a head and shoulders pattern. It is facing close resistance from the 100- and 200-hour moving averages (MA). The price is trading inside a short-term descending wedge. Minor Support for Bitcoin

The Bitcoin price continued its descent to the minor support area, which is found at $7150. The next support areas are found at $6900 and $6650.

The 100- and 200-hour MAsare very close to making a bearish cross and are offering very close resistance to the price. If the Bitcoin price were to bounce upward from this minor support, it would be very likely that it would stall once it reached the MAs near $7250.

It is possible that the Bitcoin price has created a head and shoulders pattern (H&S). However, the pattern is not exactly textbook, mostly because of the differences in duration between the left and right shoulders.

A perfectly textbook pattern would have the yellow arrow acting as the right shoulder. So, it is entirely possible that the pattern was invalidated when the price bounced on the minor support area (upward yellow arrow).

However, since the technical indicators also give a bearish outlook, we are not rushing to invalidate the bearish H&S.

Descending Triangle

In the long-term, the Bitcoin price has possibly created a descending triangle. While the support line has not been validating sufficient times, the descending line is certainly being followed.

However, there is a slight bullish possibility. The price has created a long lower wick near the support area at $7150. The two previous times this occurred, on December 16 and 23, the price did not break down from the minor support, rather began an upward move.

In the short-term, it seems as if BTC has created a descending wedge, which is a bullish pattern. The presence of bullish divergence fits with the long lower wick hypothesis that the price should make an upward move. If so, the move is likely to end near the bearish cross of the 100- and 200-hour MAs.

Conclusion

The Bitcoin price has possibly completed a head and shoulders pattern, a breakdown from which could take it towards the range lows at $6600. However, a short-term bounce is likely to occur prior. A movement above the 100- and 200-hour MAs would invalidate the H&S possibility.

Good luck and happy trading! For our previous analysis, click here.

The post Bitcoin Analysis for 2020-01-02 [Premium Analysis] appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 96227.56 (+0.39%)
Объем 24H $37.744b
Изменеия 24h: 0.40 %, 7d: 0.16 %
Cегодня L: $94117.42 - H: $96308.28
Капитализация $1907.844b Rank 1
Цена в час новости $ 6955.39 (1283.5%)

bitcoin price analysis facing close pattern shoulders

bitcoin price → Результатов: 126


The Fed is expected to cut interest rates twice in 2025, what might this mean for the Bitcoin price?

The cryptocurrency market has gone mainstream. It is no longer retail investors’ assets as institutions globally are investing in Bitcoin and other major cryptocurrencies.   As a risk-based asset, Bitcoin’s price is affected by central bank policies, especially those from the United States Federal Reserve.

2025-2-18 15:05


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30