Bitcoin Bounces on Crucial Moving Average Yet Again

Bitcoin Bounces on Crucial Moving Average Yet Again
фото показано с : beincrypto.com

2020-6-25 13:45

The Bitcoin price decreased considerably on June 24, creating a bearish engulfing candlestick and erasing almost all of the gains made from the June 22 breakout.

However, the price is still trading inside a strong support area backed by the 50-day moving average (MA).

Current Bitcoin Support

The main support for Bitcoin is found at $9,250, slightly above the current price. The area has intermittently acted as resistance and support since May 14, and whether the price is trading above or below this level will likely be an important determinant of Bitcoin’s future trend.

Bitcoin is also trading right at the 50-day moving average (MA), which has recently supported the price. Furthermore, BTC is possibly following an ascending support line. Therefore, the confluence of support levels at the current price indicates that a breakdown below them would definitely confirm that the trend is bearish.

On the other hand, a bounce at these levels could create a bullish hammer candlestick similar to the one created on June 15.

BTC Chart By Tradingview

In the short-term, it seems that BTC is attempting to initiate a bounce, as evidenced by the long lower-wick with high volume. Furthermore, there is some bullish divergence in the hourly RSI.

If the price continues to move upwards, the closest resistance area is found between $9,400-$9,500, the 0.5-0.618 Fib levels of the entire downward move.

This movement would create the hammer discussed in the previous section.

BTC Chart By Tradingview Long-Term Movement

The weekly chart states that Bitcoin is still clearly bearish. The price has been following a descending resistance line since the December 2017 all-time high, currently touching it for the third time. Furthermore, it has created a weekly shooting star candlestick, which is normally a sign of a reversal following a prolonged upward move.

Until the price breaks out from this resistance line and area, the trend cannot be considered bullish.

If a reversal were to occur, due to the lack of support, BTC could decrease all the way to $7,050, the 0.5 Fib level of the entire upward move.

BTC Chart By Tradingview

For our previous analysis, click here.

The post Bitcoin Bounces on Crucial Moving Average Yet Again appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 71051.35 (+0.20%)
Объем 24H $52.987b
Изменеия 24h: 5.12 %, 7d: -1.78 %
Cегодня L: $69039.59 - H: $71289.12
Капитализация $1405.272b Rank 1
Цена в час новости $ 9244.95 (668.54%)

bitcoin price average moving june still however

Источник: beincrypto.com

bitcoin price → Результатов: 126


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