Bitcoin (BTC) Consolidates Below $31,000 With No Clear Trend Direction

Bitcoin (BTC) Consolidates Below $31,000 With No Clear Trend Direction
фото показано с : beincrypto.com

2022-6-8 14:00

While bitcoin (BTC) has been increasing since May 12, it is not yet clear if the increase is a bullish trend reversal or a corrective bounce.

Bitcoin has been decreasing underneath a descending resistance line since April 5. The line rejected the price on May 5, eventually leading to the May 12 low.

The price has been moving upwards since, trading inside an ascending parallel channel. 

Yesterday it reached a confluence of resistance levels at $31,500, created by: 

The $31,500 resistance areaThe descending resistance lineThe middle of the parallel channel

Whether BTC breaks out or gets rejected could very well determine the direction of the future trend.

BTC/USDT Chart By TradingView Short-term BTC movement

A closer look at the daily movement continues to show conflicting signs. 

On the bullish side, bitcoin created a long lower wick on June 7 (black icon), validating the support line of the channel. Additionally, the RSI has generated considerable bullish divergence.

On the bearish side, the divergence trendline is very close to breaking down and the RSI has been rejected twice by the 50 line.

BTC/USDT Chart By TradingView

The two-hour chart shows a descending parallel channel and an RSI that has been freely moving above and below 50. 

So it does nothing to help determine the direction of the future trend.

BTC/USDT Chart By TradingView Wave count analysis

There are two main potential wave counts in play. 

The first suggests that the price is completing a five-wave downward movement since April. It has just completed wave four and will soon drop to finish wave five.

BTC/USD Chart By TradingView

The second suggests that wave five is truncated instead, and bitcoin is completing an upwards correction. 

Whether the price manages to break out from the $31,500 area or gets rejected will likely determine which of the counts is true.

BTC/USD Chart By TradingView

For Be[in]Crypto’s previous bitcoin (BTC) analysis, click here

The post Bitcoin (BTC) Consolidates Below $31,000 With No Clear Trend Direction appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 96867.83 (-0.80%)
Объем 24H $96.972b
Изменеия 24h: 2.75 %, 7d: 6.95 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1916.574b Rank 1
Цена в час новости $ 30251.6 (220.21%)

bitcoin clear trend btc increase reversal bullish

bitcoin clear → Результатов: 126


Фото:

Binance’s Blockchain Charity Foundation Partners With United Nations Development Programme to Use Blockchain for Social Good

As new use cases of the blockchain technology are emerging each day, it is becoming increasingly clear that distributed ledgers could help in creating a better future for all. The United National Development Programme (UNDP) also seems convinced that DLT infrastructures could bring good to the world.

2018-9-25 10:34


Фото:

Europol: Terrorists Still Use Banks, Fail To Abuse Cryptocurrencies

A new assessment by Europol this week reveals a growing schism between the use of cryptocurrencies by terrorists and other criminals. No European Terrorist Attacks Leveraged Crypto Funds In its Internet Organized Crime Threat Assessment (IOCTA), the organization highlights that while the use of Bitcoin in particular by cybercriminals is growing, terrorists still prefer conventional money transfer methods — banks and wire transfers.

2018-9-21 00:00


Фото:

A South African Township Is Becoming the New Gold Mine for Bitcoin

In several African nations, sending money to friends and family is difficult. Using bank accounts could be easy, but it takes days, sometimes even weeks, for transactions to clear. A new CNBC documentary is exploring the nuances of this emerging market and how exactly it is used to make the underbanked communities of the continent […] A South African Township Is Becoming the New Gold Mine for Bitcoin was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-8-28 21:28