Bitcoin (BTC) Price Stands on the Brink of a Major Movement – but Which Way Will It Turn?

2022-12-20 17:30

The Bitcoin (BTC) price broke down from a short-term pattern and now risks falling toward a new yearly low.

Bitcoin price has been hit by a number of negative news events this year. First, there was the Terra implosion in May, followed by the FTX collapse in Nov.

While these events were not directly linked to Bitcoin, they negatively affected the price and cryptocurrency market at large.

An interesting angle to look at the BTC price movement comes from the time it will take until the next halving. Bitcoin has completed 65% of the time until the next halving, which will be at block 840,000, likely to fall between Feb. and June 2024. In all previous cycles, the bottom was reached by the time 65% of the period between two halvings was done.

Bitcoin Price Hovers Above Long-Term Support

The Bitcoin price has fallen since reaching an all-time high of $69,000 in Nov. 2021. The downward movement led to a low of $15,479 in Nov. 2022. The BTC price bounced afterward (green icon), validating an ascending support line (solid) that has been in place since March 2020. It is worth mentioning that the line is created by connecting the price closes instead of the lows. Using the wick lows, there is a more gradual ascending support line (dashed) that is currently near an average price of $10,000.

Despite the overwhelmingly bearish price action, the weekly RSI is bullish. It has generated bullish divergence (green line), and its trend line is still intact. However, in order to confirm its bullishness, it has to break out from its descending resistance line (black) and ideally move above 50.

So, the price action and technical indicator readings are not in alignment. The price action is mostly leaning on bearish despite the ascending support line. Technical indicator readings are leaning more on the bullish side due to the bullish divergence.

BTC/USD Weekly Chart. Source: TradingView Short-Term Breakdown Adds to Woes

The technical analysis from the daily chart provides a bearish outlook. It shows that on Dec. 14, the BTC price validated the $18,300 area as resistance (red icon) and broke down from an ascending parallel channel two days later. 

Additionally, this downward movement caused the daily RSI to break down from its bullish divergence trend line (green line) and fall below 50. These are both considered bearish developments. 

So, the downward movement toward $15,800 is the most likely scenario. It is not yet certain how this fits with the long-term outlook since this drop may or may not cause a breakdown from the long-term ascending support line.

BTC/USD Daily Chart. Source: TradingView

To conclude, the direction of Bitcoin’s trend still needs to be determined. Losing the bullish divergence in the weekly time frame or breaking down from the ascending support line would be major bearish developments. On the other hand, reclaiming the $18,300 resistance area would be extremely bullish.

For BeInCrypto’s latest crypto market analysis, click here

The post Bitcoin (BTC) Price Stands on the Brink of a Major Movement – but Which Way Will It Turn? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69554.72 (+0.60%)
Объем 24H $45.65b
Изменеия 24h: 2.58 %, 7d: -4.15 %
Cегодня L: $69039.59 - H: $69554.72
Капитализация $1375.669b Rank 1
Цена в час новости $ 16697.01 (316.57%)

bitcoin way turn price btc brink stands

Источник: beincrypto.com

bitcoin way → Результатов: 126


Фото:

Bitcoin Hasn’t Lost Its Way – It’s Just Getting Started

Bitcoin has seen a massive decline in 2018 and it looks like it may get worse before it gets better. It is leaving investors grasping for reasons why the world’s top cryptocurrency is falling so hard, with some wondering – could this be it for Bitcoin? Has Bitcoin Lost Its Way? Interest in Bitcoin – and cryptocurrencies in general – reached a frenzied pitch back in December of last year as mainstream media sources scrambled Read More The post Bitcoin Hasn’t Lost Its Way – It’s Just Getting Started appeared first on Bitcoinist.com.

2018-6-29 13:00


Фото:

The 2018 Crypto-Bear Market Less Severe Than 2014, At Least for Now

Bitcoin prices back in 2013 touched a high of $1,236 per BTC on December 4, and following that spike the price dropped for more than a year, all the way to $225 per coin on June 1, 2015. Last year in 2017 the price of BTC ran up higher, but this time reached $19,600 per […] The post The 2018 Crypto-Bear Market Less Severe Than 2014, At Least for Now appeared first on Bitcoin News.

2018-6-29 06:45


Фото:

Bear Market Back In Full Swing, Bitcoin Will Dip Past $6,000.00 Today

After seeing a few days of positive movements within the markets, the same old ‘June doom and gloom’ is back, with a vengeance by the looks of it. As the bears grip on the market tightens once more, cryptocurrencies are falling, some of which are dropping at an astonishing rate, as a result of this, we are sure to see some new lows breached through the day.

2018-6-27 12:00


Another Bitcoin ATM Launches In South Africa Following Shutdown Of The Previous

South Africa, one of the places in the continent which cryptocurrencies have gained ground is set to take another shot on launching the first fully functional Bitcoin ATM in the country. The country had initially launched a similar ATM way back in 2014, but the ATM has since been shut down as a result of […] The post Another Bitcoin ATM Launches In South Africa Following Shutdown Of The Previous appeared first on ZyCrypto.

2018-6-26 20:20


Stanford Computer Scientists Establish Center for Blockchain Research

A computer scientist at Stanford has founded a newly-distributed ledger research initiative called Center for Blockchain Research. The project, dedicated to researching and changing the fundamentals of blockchain use, could help in revolutionizing the industry by improving the way companies and people interact and complete financial transactions on DLT platforms.

2018-6-23 14:44


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Heads to $50,000 As Selling Pressure Decreases

Bitcoin is nearing $45,000 due to reduced selling pressure, especially from miners who have decreased their daily sales. Despite lower profitability, miners are holding onto their assets, while large investors continue to accumulate Bitcoin.