Bitcoin (BTC) Price Watch: Aiming for Wedge Bottom?

2018-8-8 06:52

Bitcoin Price Key Highlights

Bitcoin price is on another day of declines, possibly setting its sights on longer-term support zones. Price has already closed below the 50 SMA to reflect a pickup in selling pressure. The next downside target might be the yearly lows or the bottom of the falling wedge on the daily chart.

Bitcoin price appears to be setting its sights on the bottom of the falling wedge pattern visible on the daily time frame.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to continue than to reverse. Bitcoin price has also slumped below the 50 SMA to signal a pickup in selling momentum.

RSI has reached oversold conditions, though, so there may be some exhaustion among bears. Similarly stochastic is in the oversold region to signal that sellers might take a break and allow buyers to take over. Both oscillators have yet to climb higher to indicate a return in bullish pressure.

If that happens, bitcoin price could revisit the top of the wedge, which is spanned by the dynamic inflection points at the moving averages. This means that bitcoin price has several upside barriers to contend with before attempting to break higher from the wedge. Note that the formation spans around $6,000 to $12,000 so the resulting move could be of the same size.

BTCUSD Chart from TradingView

Much of the decline has been blamed on FUD (fear, uncertainty, doubt) that led traders to dump their holdings, leading to even more losses for bitcoin price as sellers keep piling in. So far, there seem to be no major positive updates that could stop the bleeding, but many are pointing to the consistent market dominance of bitcoin even while the industry is in selloff mode.

The post Bitcoin (BTC) Price Watch: Aiming for Wedge Bottom? appeared first on NewsBTC.

origin »

Bitcoin (BTC) на Currencies.ru

$ 80591.07 (+0.02%)
Объем 24H $31.716b
Изменеия 24h: -3.04 %, 7d: -9.72 %
Cегодня L: $80441.76 - H: $80601.57
Капитализация $1598.641b Rank 1
Цена в час новости $ 6527.78 (1134.59%)

price bitcoin wedge bottom watch aiming btc

Источник: newsbtc.com

price bitcoin → Результатов: 126


Bitcoin Price Holds Above $96,000 — Analyst Explains This Level’s Significance

The Bitcoin price appears to have settled within the $92,000 – $102,000 consolidation range, sparking discussions about the coin’s future trajectory. While it remains unclear whether the premier cryptocurrency has enough momentum to forge new all-time highs soon, it would take significant bearish pressure to pull down the BTC price.

2025-2-9 16:00


Bitcoin Price Struggles With Liquidity Blocks From $86,000 To $104,000, Analyst Reveals The Logical Thing To Do

The Bitcoin price has spent the majority of the past seven days consolidating around the $94,000 mark with signs of a break to either side. According to a crypto analyst, Bitcoin’s recent price movements have led to the creation of liquidity blocks observed between the $86,000 to $104,000 range, which raises an equal likelihood of a bounce towards $104,000 or a downside break to $86,000 from the current price.

2025-1-13 14:00


Bitcoin price analysis: economic headwinds push price lower

Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern Spot crypto ETFs logged large outflows on Wednesday following the release of the Fed meeting notes Bitcoin’s price has fallen from a high […] The post Bitcoin price analysis: economic headwinds push price lower appeared first on CoinJournal.

2025-1-11 17:48


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin (BTC) Price Watch: Aiming for $7,000 Next?

Bitcoin Price Key Highlights Bitcoin price is gaining traction on it bounce off the channel support on its 4-hour time frame. A move to the next upside targets might be in the works and the Fibonacci extension tool marks these.

Bitcoin (BTC) Price Watch: Eyes on This Support Zone!

Bitcoin Price Key Highlights Bitcoin price is still moving inside a range visible on its 1-hour time frame and looks prime for a test of support. Price has made it halfway down through the range and could have enough momentum for a move to the bottom.

Bitcoin (BTC) Price Watch: Bears Refusing to Let Up

Bitcoin Price Key Highlights Bitcoin price recently tumbled below a short-term rising trend line but might be due for a pullback. Applying the Fib retracement tool on the latest swing high and low shows the levels where more sellers might be waiting.