Bitcoin Analysis for 2020-02-06 [Premium Analysis]

Bitcoin Analysis for 2020-02-06 [Premium Analysis]
фото показано с : beincrypto.com

2020-2-6 12:30

On Feb 5, the Bitcoin price created a bullish engulfing candlestick and is in the process of breaking out above a significant resistance area.

Bitcoin Price Highlights The Bitcoin price is in the process of breaking out above major resistance. It is following a parabolic ascending support line. There is resistance at $9,600 and $11,000. Short-term indicators support a price increase. BTC Breakout Attempt

The Bitcoin price has been following an ascending parabolic support line since Dec 16, 2019.

On Feb 5, the price bounced on this line and created a bullish engulfing candlestick on relatively high volume.

At the time of publishing, Bitcoin was making an attempt at breaking out above the $9,600 resistance area, below which it has been trading since September 2019. If successful, the price could accelerate its rate of increase and quickly move towards the next resistance area at $11,000.

This is likely the fifth and final wave of an Elliott formation that began on Dec 16 and could end near $11,000.

Inside this fifth wave, the price has finished the second sub-wave and is in the process of creating a third.

Short-Term Movement

The short-term outlook gives more credibility to the bullish scenario on the daily chart.

First, we can see that the price has flipped the main resistance area as support and initiated a bounce after. In addition, the hourly RSI has broken out above a long-term bearish divergence trend-line.

Finally, the relatively short-term 50 and 200-hour moving averages have just made a bullish cross, indicating that the price wants to move upwards.

To conclude, the Bitcoin price made an effort to move above a very significant resistance area. While it has yet to clearly flip it as support, it will likely do so in the near future and accelerate its rate of increase towards $11,000.

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

The post Bitcoin Analysis for 2020-02-06 [Premium Analysis] appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97463.08 (-0.46%)
Объем 24H $48.069b
Изменеия 24h: -1.89 %, 7d: 6.97 %
Cегодня L: $97463.08 - H: $99414.82
Капитализация $1928.447b Rank 1
Цена в час новости $ 9668.53 (908.04%)

bitcoin price analysis breaking out above resistance

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