Bitcoin Analysis for 2020-01-22 [Premium Analysis]

Bitcoin Analysis for 2020-01-22 [Premium Analysis]
фото показано с : beincrypto.com

2020-1-22 12:10

\nBitcoin Price Highlights The Bitcoin price is trading inside a short-term range between $8550-$8750. There is resistance at $9600. There is support at $7600. Ascending Wedge

The Bitcoin price broke down from an ascending wedge on January 19. However, the price did not dump quickly. Rather, it began a period of consolidation near $8600.

Yesterday, the price created a bullish candlestick and has moved slightly upward. A customary movement here would be a retest of the ascending support line it has just broken down from. This movement would fit with the RSI, which has made a descending triangle. The proposed move would likely cause the RSI to touch the resistance line of the RSI.

Short-Term Bitcoin Range

In the short-term, the Bitcoin price is trading in a range between $8550-$8750, having validated both several times.

The price has created several long upper wicks near the $8750 resistance area, failing to successfully break through. The same thing occurred to the support area on January 19-20, and the price reversed and moved towards resistance afterward.

Looking closer, we can see two overthrows, which faked out the direction of the ensuing move. Late last night, the price barely decreased below the support area in the form of a wick but followed that up with a bullish engulfing candlestick that took it to the range high.

The same thing happened this morning, but the wick broke out above the resistance area before the price initiated a rapid decrease towards support.

Resistance Areas

The daily chart reveals that the price has been increasing since December 17, 2019. In addition, while the candlestick that caused the price to break down from the wedge was significant, both its magnitude and volume is smaller than several bullish candlesticks prior.

So, we do not think that this candle provides sufficient evidence that the current rally has ended. Rather, it can be seen as a retracement that is a part of a larger, bullish trend. If the price continues its upward movement, it is likely to find resistance at $9600.

Conversely, a breakdown could take the price to $7800. At the current time, we do not think this is likely.

To conclude, the Bitcoin price has been in a period of consolidation since breaking down from an ascending wedge. While the breakdown was swift, we do not think it is sufficient to call an end to the current upward trend. If the price continues its upward movement, the $9600 resistance area is likely to act as the top.

For our previous analysis, click here.

The post Bitcoin Analysis for 2020-01-22 [Premium Analysis] appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 63588.77 (-0.34%)
Объем 24H $28.947b
Изменеия 24h: 0.23 %, 7d: 5.99 %
Cегодня L: $63538.9 - H: $64488.57
Капитализация $1256.435b Rank 1
Цена в час новости $ 8651.56 (635%)

bitcoin price analysis ascending wedge support 7600

Источник: beincrypto.com

bitcoin price → Результатов: 126


Фото:

Bitcoin Whales Take Profit After Latest Price Jump — Here’s How Much They Sold

The latest on-chain data shows that a particular class of Bitcoin investors has been selling for profit in the wake of the recent price rally. The question here is — how much did they sell and how much impact could it have on the Bitcoin price trajectory? Bitcoin Whales Dump 30,000 BTC In Four Days — Impact On Price? In a new post on the X platform, prominent crypto pundit Ali Martinez revealed that Bitcoin whales have been increasingly active in the market in the days following BTC’s return to above $63,000.

2024-9-23 13:00


Bitcoin’s price jumps to a three-week high

Bitcoin’s price has surged 5.6%, hitting a three-week high of $61.1K on Tuesday morning Altcoins like Celestia, Immutable X, and Near have seen double-digit percentage gains Crypto stocks rose modestly ahead of the Fed’s expected rate cut announcement Bitcoin’s price has surged to its highest level in three weeks, triggering gains across the cryptocurrency sector […] The post Bitcoin’s price jumps to a three-week high appeared first on CoinJournal.

2024-9-19 19:40


Understanding Bitcoin’s Drop Below $60K: What’s Behind the Decline

Bitcoin did manage to break through the $60,000 barrier earlier in August, but it has struggled since to maintain this psychological target. While this much is clear, investors are all asking the same question – what’s keeping BTC’s price down? Analysts say that there are multiple factors impacting the price and that the latest major […] The post Understanding Bitcoin’s Drop Below $60K: What’s Behind the Decline appeared first on CaptainAltcoin.

2024-9-5 17:30


Bitcoin Price to Retest $60k Level Again – Will BTC Finally Break Out?

Bitcoin’s price surged by 4.7% yesterday, bringing it close to breaking into a new hourly higher high. In a recent analysis, Cheeky Crypto addresses the short-, medium-, and long-term views for Bitcoin, questioning whether the market is on the verge of a significant breakout above the $60,000 or if the recent movement was merely an […] The post Bitcoin Price to Retest $60k Level Again – Will BTC Finally Break Out? appeared first on CaptainAltcoin.

2024-8-17 12:25


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru