Bitcoin (BTC) Continues Battle With $50,000 Level

Bitcoin (BTC) Continues Battle With $50,000 Level
фото показано с : beincrypto.com

2021-8-24 10:25

Bitcoin (BTC) managed to reach a high of $50,500 on Aug 23. However, it failed to sustain the upward move and created a long upper wick.

While BTC is increasing alongside an ascending support line, it’s also showing considerable weakness. A breakdown from this line could be the catalyst for a sharp downward move.

Bitcoin approaches resistance

On Aug 23, BTC reached a high of $50,500. This was very close to the 0.618 Fib retracement resistance level and the $51,200 horizontal resistance area. 

BTC created a long upper wick and a potential shooting star candlestick. Today’s close is crucial, since it can either confirm or reject the potential reversal from the shooting star.

Technical indicators are showing weakness. The MACD and RSI have created bearish divergences, and the former is giving a bearish reversal signal. The Stochastic oscillator is also very close to making a bearish cross.

BTC Chart By TradingView Future movement

The six-hour chart provides a similar outlook. Both the RSI and MACD have generated bearish divergences — signs of a potential reversal. 

However, BTC is still following an ascending support line. As long as it remains above this the support, the upward trend remains intact. 

However, a breakdown from the line could be the catalyst for a sharp downward move. In that case, the closest support area would be found at $42,500. This target is the 0.382 Fib retracement support area and a horizontal support level.

BTC Chart By TradingView

Conversely, a breakout above the $51,200 area could trigger a sharp increase toward $59,200. At the time of press, this seems unlikely.

On top of the decreasing volume, there is a potential wedge formation in place throughout the entire upward move. This is often considered a bearish pattern. 

Therefore, there is significant resistance just above the current price. and the path of least resistance is down.

BTC Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Bitcoin (BTC) Continues Battle With $50,000 Level appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69515.94 (-0.07%)
Объем 24H $46.123b
Изменеия 24h: 2.32 %, 7d: -4.16 %
Cегодня L: $69039.59 - H: $69761.69
Капитализация $1374.645b Rank 1
Цена в час новости $ 49837.66 (39.48%)

bitcoin btc level continues battle long move

Источник: beincrypto.com

bitcoin btc → Результатов: 126


Bitcoin Price Fall Increases Buying Momentum, Pushes Exchange BTC Balances To 6-Year Lows

Following a major price decline in Bitcoin (BTC), market sentiment dropped back to strong levels of fear, indicating that investors are becoming increasingly cautious and risk-averse. Despite this trend, on-chain data analytics provider CryptoQuant has revealed a significant increase in BTC buying momentum, resulting in the Bitcoin balances on various exchanges dropping to six-year lows.

2024-10-6 07:00


Фото:

This Country Quietly Mined Over 13,000 BTC, Overtaking El Salvador’s Bitcoin Reserves

In a surprising development, Bhutan has significantly increased its Bitcoin holdings, surpassing El Salvador and establishing itself as a major player in the cryptocurrency world. According to data shared by crypto analytics firm Arkham Intelligence on Monday, the Himalayan kingdom now holds just over 13,000 BTC, valued at approximately $780 million. In addition to Bitcoin, […]

2024-9-18 22:55


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.