Bitcoin Bear Market Officially Over? Bull Flag Brings Bitcoin Price Over $8000 Mark, $8500 Next?

2018-7-24 17:09

The Bull flag in Bitcoin’s price carried out perfectly with the price currently trading over $8000 and over the 200EMA on the daily. Bitcoins price briefly approached the $8400 mark but has retraced back near the $8200 mark. This is the first time Bitcoin has been trading back over the 200EMA since early May.

The rise has been on large volume and could definitely continue to the $8500-$8600 mark, a point of significant trading in May. RSI has been forming higher highs along with price action and has actually entered the overbought territory. However, as long as the RSI does not diverge from price action it would be likely that buying pressure can force another push up in price.

The 200EMA is trading at the $7850 mark and in the event that price was to drop back below $8000, this point should act as significant support.

Bitcoin Daily Chart

As was anticipated, $7850 acted as significant resistance on the way up with price action touching off this point many times before breaking through. This can be seen clearly on the 4hr chart where a sudden surge in volume finally provided the bullish momentum for Bitcoin to break through the resistance.

Over the space of two hours, Bitcoin managed to rise from $7750 to $8250, around a 6% gain. Traders who spotted the bull flag forming and took long positions would have capitalized effectively on the market conditions.

Bitcoin 4hr Chart

On the 1hr chart, we can see the upward movement has taken a turn over the last two hours with a high being priced in near the $8400 mark. The current drop is on low volume and may just be a brief retracement before more buyers enter the market to push prices higher again.

The moving averages on the hourly illustrate how quickly this upward movement has been executed with the 50EMA still trading below $7800. The price action and RSI have both been forming higher highs on the hourly and seem to be pricing in a higher low currently, providing price does not drop much further from here.

Bitcoin 1hr Chart Key Takeaways: Bull Flag pattern came through with Bitcoin recording a 6% gain over the space of just two 4hr candles. Traders who anticipated would have profited well. $7850 acted as strong resistance as expected but a surge in volume provided enough momentum for the price to break through. RSI has entered overbought territory on the 1hr, but as long as it does not diverge from the price action, more buying pressure could still push the price higher. $7850 to act as significant support in the event of a drop below $8000. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Bitcoin Bear Market Officially Over? Bull Flag Brings Bitcoin Price Over $8000 Mark, $8500 Next? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97478.28 (-0.07%)
Объем 24H $96.732b
Изменеия 24h: 2.94 %, 7d: 7.26 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1926.625b Rank 1
Цена в час новости $ 8259.2 (1080.24%)

bitcoin price mark 8000 flag back trading

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