Bitcoin Analysis for 2020-02-04 [Premium Analysis]

Bitcoin Analysis for 2020-02-04 [Premium Analysis]
фото показано с : beincrypto.com

2020-2-4 12:40

On Feb 3, the Bitcoin price reached the $9,600 resistance area and created a bearish shooting star. A short-term correction is likely in store before another attempt at breaking out.

Bitcoin Price Highlights The Bitcoin price has been consolidating over the past week. There is support at $9,250 and resistance at $9,600. The price has created a daily bearish candlestick. The RSI has generated bearish divergence. Bitcoin is following a parabolic ascending support line. Consolidation

Since Jan 29, the Bitcoin price has been trading between $9,250 and $9,600, having created a support area inside the former.

This resembles a consolidation phase since the hourly RSI has been freely moving above and below 50. The price movement near this support area has been characterized by long lower wicks.

Signs Of Weakness

On Feb 3, the Bitcoin price created a bearish shooting star. This candlestick shows that there is considerable selling pressure near the resistance area at $9,600. The fact that this candle is being created inside an important resistance area increases its significance.

Furthermore, the 12-hour RSI has generated considerable bearish divergence and completed a failure swing top.

Combined with the prior bearish sentiment, it is likely that this will cause the price to soon break down from the parabolic ascending support line it has just reached.

Future Movement

As for the future movement, if a breakdown occurs, the price could decrease to the support area at $8,800, validating the 200-day moving average (MA) from which it broke upwards prior. After that, it could make another attempt at breaking out above $9,600.

This movement would complete the handle portion of a possible cup and handle pattern. If so, a breakout would be expected afterward.

To conclude, the Bitcoin price has reached the resistance area at $9,600 but has failed to break out above. The price has shown weakness and will likely decrease towards $8,800 before making another attempt at breaking out.

For those interested in BeInCrypto’s previous Bitcoin analysis, click here.

The post Bitcoin Analysis for 2020-02-04 [Premium Analysis] appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95101.09 (-0.10%)
Объем 24H $42.95b
Изменеия 24h: -2.03 %, 7d: -9.30 %
Cегодня L: $94782.14 - H: $95637.28
Капитализация $1882.985b Rank 1
Цена в час новости $ 9127.57 (941.91%)

bitcoin price analysis attempt store breaking another

bitcoin price → Результатов: 126


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


Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained

After reaching a new all-time high of $99,600 last Friday, the Bitcoin price has retraced to the $94,000 mark for the first time in nearly a week. This pullback comes amid growing speculation about a possible correction following a massive three-week uptrend that saw the leading crypto surge by 40% after Donald Trump’s election on November 5.

2024-11-26 10:30


Фото:

Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder

The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 […] The post Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.

2024-11-13 17:39