Bitcoin Analysis for 2020-02-05 [Premium Analysis]

Bitcoin Analysis for 2020-02-05 [Premium Analysis]
фото показано с : beincrypto.com

2020-2-5 12:36

The Bitcoin price has broken out from a descending channel and is moving upwards towards resistance.

Bitcoin Price Highlights The Bitcoin price broke out from a descending channel. There are minor supports and resistances at $9,150 and $9,600. The price is in the process of completing a morning star pattern. There are long-term supports and resistances at $7,500 and $9,500. Channel Breakout

The Bitcoin price has created a support area near $9,150.  Once the price got there, it created long lower wicks and moved upwards and also did the same yesterday.

In addition, the upward move caused the price to break out from a descending channel. The price is currently moving towards the resistance area of $9,600.

Morning Star Pattern

The daily chart reveals that the price is in the process of completing a morning star pattern. BTC first created a bearish engulfing candlestick on Feb 3, following it up with a Doji the next day and is currently making a bullish engulfing candlestick. A price close above $9,300 would successfully complete the pattern, suggesting that the price will move upwards instead of correcting.

The price has also seemed to bounce off the curved ascending support line it has been following since Dec 16, 2019.

There is a minor support area close, so even if the price breaks down, it is expected to bounce near $8,850 and then move towards the resistance at $9,600.

Long-Term Range

In the long-term outlook, the price is trading inside support and resistance areas of $7,600 and $9,500, respectively. It is currently inside the resistance area.

Therefore, while the price is likely to reach the resistance area at $9,500, there is no guarantee that it will break out. Rather, a retracement followed by an attempt at breaking out would be more sustainable for the price in the long-run.

To conclude, the Bitcoin price broke out from a short-term descending channel and is moving upward. While BTC will likely reach the minor resistance area at $9,600, a breakout above this resistance will be difficult.

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

The post Bitcoin Analysis for 2020-02-05 [Premium Analysis] appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 98359.48 (+0.69%)
Объем 24H $99.836b
Изменеия 24h: 4.48 %, 7d: 9.92 %
Cегодня L: $94006.77 - H: $98359.48
Капитализация $1944.471b Rank 1
Цена в час новости $ 9526.57 (932.48%)

bitcoin price descending channel out analysis minor

Источник: beincrypto.com

bitcoin price → Результатов: 126


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


Here’s What To Expect From The Bitcoin Price In November After Breaking Above $70,000

The Bitcoin price is back above $70,000 for the first time in four months, with the ‘Uptober’ rally eventually happening as the month ends. This looks to be the start of significant price rallies for the flagship crypto as the market heads into November, which is also historically bullish. What To Expect From The Bitcoin […]

2024-10-30 19:30


Фото:

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin (BTC) is showing the first signs of positive price momentum since June, as it attempts to convincingly break the $69,000 price zone and shift to a “euphoric bull market.” According to Glassnode’s latest “Week Onchain Newsletter,” the recent rally has seen Bitcoin’s spot price break through key technical and on-chain price levels, pushing many […] The post Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode appeared first on CryptoSlate.

2024-10-24 00:38


Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

2024-10-22 22:30


Bitcoin Price To $95,000? Here’s What Needs To Happen First

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.

2024-10-18 13:00


Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align

Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming rally of at least 60% for the Bitcoin price in his latest technical analysis. The seasoned analyst has identified a pattern across three critical technical indicators that have historically signaled major upward price movements when all aligned.

2024-10-18 11:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin (BTC) Wallets Cross 48 Million for the First Time

Bitcoin has hit another milestone in its rocky journey towards global mainstream adoption. Surpassing 2022 figures in the process. The post Bitcoin (BTC) Wallets Cross 48 Million for the First Time appeared first on BeInCrypto.