Bitcoin (BTC) Makes Failed Attempt at Breakout Move Above $25,000

Bitcoin (BTC) Makes Failed Attempt at Breakout Move Above $25,000
фото показано с : beincrypto.com

2022-8-16 10:30

Bitcoin (BTC) has been rejected by the resistance line of a corrective pattern and is currently attempting to find support.

Bitcoin has been increasing inside an ascending parallel channel since June 18. Such channels usually contain corrective movements, meaning that an eventual breakdown from it would be likely. The extreme overlap inside the pattern also supports this possibility. 

Bitcoin made two unsuccessful breakout attempts on July 30 and Aug. 15. These attempts were also combined with a bearish divergence in the six-hour RSI. 

Bitcoin has been falling since the last attempt and is now approaching an ascending support line (dashed) which has been in place since July 13.

A potential breakdown from this support line could take BTC down to the support line of the channel near $21,000 or lower.

BTC/USDT Chart By TradingView BTC wave count analysis

The first potential wave count suggests that BTC is in wave three of a five-wave upward move (black). The sub-wave count is shown in yellow and indicates that the price is in wave three.

If true, this would create a 1-2/1-2 wave formation. This could help to accelerate an upward push in the near future. 

In order for the count to remain correct, Bitcoin has to hold on above the slope of the original 1-2 and break out above its ascending resistance line (black).

BTC/USD Chart By TradingView Alternative count

The alternative short-term count suggests that the entire upward move since June 18 is part of a leading diagonal, hence the shape of the ascending wedge. In this case, a breakdown from the wedge and subsequent decrease towards the 0.5-0.618 Fib retracement support levels at $20,500 to $21,400 would be expected prior to the continuation of the upward movement.

To conclude, both the short-term counts and the most likely long-term wave count suggest that a bottom has already been reached.

BTC/USD Chart By TradingView

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

The post Bitcoin (BTC) Makes Failed Attempt at Breakout Move Above $25,000 appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 95671.45 (-0.10%)
Объем 24H $24.794b
Изменеия 24h: -0.49 %, 7d: -0.47 %
Cегодня L: $95202.86 - H: $96414.76
Капитализация $1897.012b Rank 1
Цена в час новости $ 23770.84 (302.47%)

btc bitcoin above move failed breakout makes

btc bitcoin → Результатов: 126


Фото:

Bitcoin Unable To Break Upward As 1.6 Million BTC Resistance Wall Blocks Path

On-chain data shows the presence of a massive Bitcoin supply wall around the $97,200 level, something that could impede BTC’s advances beyond the mark. Bitcoin Has Significant Resistance At Price Levels Just Ahead In a new post on X, the market intelligence platform IntoTheBlock has discussed how BTC support and resistance levels are looking from an on-chain perspective right now.

2025-2-13 08:00


Bitcoin May Hit $1.5 Million By 2035 According To Metcalfe’s Law, Analyst Predicts

As Bitcoin (BTC) continues its pullback into the low $90,000 range, analysts are divided on how much further the top cryptocurrency might fall before a potential bounce. However, long-term market observers remain confident, emphasizing that short-term price action does not alter their belief in BTC’s eventual rise to a million dollars or more in the coming years.

2025-1-10 09:30


Фото:

MicroStrategy’s smallest Bitcoin acquisition in 8 weeks sees BTC drop to $92,000

Bitcoin’s price fell by 2% within an hour after MicroStrategy announced its eighth consecutive weekly BTC acquisition. According to CryptoSlate’s data, the market reaction was less enthusiastic about the firm’s latest Bitcoin purchase, which dragged BTC down to $92,900 at the time of writing —a 10% drop from its record high of over $108,000.

2024-12-31 19:00