Bitcoin (BTC) Creates Bullish Pattern Inside Support Range

Bitcoin (BTC) Creates Bullish Pattern Inside Support Range
фото показано с : beincrypto.com

2021-11-24 11:53

Bitcoin (BTC) has completed a double bottom pattern and could soon confirm it with a strong bounce towards resistance.

BTC has been falling since reaching an all-time high price of $69,000 on Nov 10. So far, the decrease has led to a low of $55,317, which was reached on Nov 23. 

Currently, BTC is trading just above the $56,500 support area. This is both a horizontal support area and the 0.382 Fib retracement support level (white). 

Inside it, BTC has created a double bottom, which is often considered a bullish pattern. Furthermore, the pattern has been combined with a bullish divergence in the RSI (green), which often precedes trend reversals.

However, besides the bullish divergence, the other readings from both the RSI and MACD are bearish. 

The MACD is falling and is nearly negative. This means that the short-term trend is decelerating relative to the long-term one, and is considered a bearish sign. The RSI is also falling and is below 50, a reading which is associated with bearish trends.

BTC Chart By TradingView Short-term BTC movement

The readings from the six-hour chart align with those from the daily. There is even a more pronounced bullish divergence, also visible in the MACD. This further solidifies the possibility that the pattern will play out. 

There is strong resistance at $60,700, created by: 

A horizontal resistance areaThe 0.382 Fib retracement resistance levelA descending resistance line

A breakout above this line would confirm that the correction is complete.

BTC Chart By TradingView Wave count

The wave count suggests that BTC has completed an A-B-C corrective structure (red), in which waves A:C have had a 1:1.61 ratio. This is very common in such structures. 

Once the correction is complete, BTC would be expected to resume its upward move, since the trend is still likely to be bullish.

The long-term wave count (black) is also bullish, showing that that BTC is inside a large 1-2/1-2 wave formation.

BTC Chart By TradingView

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

The post Bitcoin (BTC) Creates Bullish Pattern Inside Support Range appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69391.37 (-0.08%)
Объем 24H $31.521b
Изменеия 24h: -3.49 %, 7d: 2.60 %
Cегодня L: $69234.31 - H: $69516.05
Капитализация $1367.665b Rank 1
Цена в час новости $ 56016.57 (23.88%)

bitcoin btc pattern range support inside bullish

Источник: beincrypto.com

bitcoin btc → Результатов: 126


Фото:

Bitcoin Whales Continue Buying, Now Hold 25.16% Of All Supply

On-chain data shows that the Bitcoin whales’ holdings have grown to 25. 16% of the entire supply, and their net accumulation has continued recently. Bitcoin Investors With 1,000 To 10,000 BTC Have Continued To Buy Recently According to data from the on-chain analytics firm Santiment, the BTC whales have accumulated more than 266,000 BTC since the start of the year.

2024-4-25 06:00


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.