Bitcoin (BTC) Drops Below $30,000 and Risks Creating Bearish Engulfing Candlestick

Bitcoin (BTC) Drops Below $30,000 and Risks Creating Bearish Engulfing Candlestick
фото показано с : beincrypto.com

2022-6-7 12:30

Bitcoin (BTC) was rejected sharply yesterday and failed to break out from a descending resistance line that has been in place since March.

BTC has been falling underneath a descending resistance line since April 5. The line has caused numerous rejections which eventually led to the May 12 low. 

More recently, the line caused a rejection on June 6. After the rejection, the price is in the process of creating a bearish engulfing candlestick. 

An interesting development comes from the RSI. While the indicator generated bullish divergence (green line) right after the May 12 low, the trendline of the divergence is at risk of breaking down. 

Also, this potential breakdown coincides with a breakdown from an ascending support line (dashed), which has been in place for the same amount of time. 

If confirmed, it could lead to the acceleration of the downward movement.

BTC/USDT Chart By TradingView Short-term BTC movement

The six-hour chart shows that BTC has been increasing inside an ascending parallel channel since May 12. Such channels usually contain corrective structures, meaning that an eventual breakdown from them would be expected.

Besides the presence of the channel and the breakdown in the daily time frame, there are two more bearish signs. 

Firstly, the price failed to reach the top of the channel on May 31 and fell below the $31,500 resistance area (red icon) afterward. 

Secondly, the price was rejected by the middle of the channel and the $31,500 area once more on June 6 (black icon).

BTC/USDT Chart By TradingView Wave count analysis

It is possible that the entire downward movement since March is part of a five-wave downward movement (white). If so, BTC is currently in the fifth and final wave of this decrease.

A potential target for the bottom of the movement would be at $23,500. The target is found by projection the length of wave one to the top of wave four.

BTC/USD Chart By TradingView

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

The post Bitcoin (BTC) Drops Below $30,000 and Risks Creating Bearish Engulfing Candlestick appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 105791.11 (-0.28%)
Объем 24H $54.451b
Изменеия 24h: 3.98 %, 7d: -0.08 %
Cегодня L: $103456.85 - H: $106219.15
Капитализация $2096.485b Rank 1
Цена в час новости $ 29616.16 (257.21%)

bitcoin btc creating engulfing risks bearish candlestick

Источник: beincrypto.com

bitcoin btc → Результатов: 126


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51


Фото:

El Salvador rings in Christmas 2024 with a Bitcoin twist

El Salvador continues to showcase its unwavering commitment to Bitcoin, doubling down on its cryptocurrency strategy despite stringent restrictions imposed by the International Monetary Fund (IMF). On 19 December 2024, the country purchased an additional 11 Bitcoin (BTC), valued at over $1 million, pushing its total reserves to nearly 6,000 BTC. This comes on the […]

2024-12-24 17:26


Фото:

Bitcoin Rally Set To Extend? Expert Foresees A $110,000 Price Target For BTC

The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]

2024-12-17 17:30


3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC)

The crypto market has witnessed a number of tokens rallying toward new all-time highs (ATHs), including notable players like Bitcoin (BTC) and Tron (TRX). Despite some setbacks, such as the US government transferring nearly $2 billion worth of Bitcoin, BTC has remained resilient, triggering a massive impulsive move that saw it reach an ATH of […] The post 3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC) appeared first on CoinJournal.

2024-12-15 21:58


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75%

Compared to Bitcoin, cypto hedge funds have underperformed in 2023. against this backdrop, investors have lost confidence and 13% of funds shuttered since the begining of the year. The post 13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75% appeared first on BeInCrypto.

Upbit Exchange Outperforms Coinbase and OKX in July

Korean exchange Upbit records $29.8 billion in spot trading volumes as it benefits from superior regulation compared to US exchanges. The post Upbit Exchange Outperforms Coinbase and OKX in July appeared first on BeInCrypto.