Bitcoin (BTC) Signals Bullish Trend with Strong Bounce

Bitcoin (BTC) Signals Bullish Trend with Strong Bounce
фото показано с : beincrypto.com

2021-5-6 10:42

Bitcoin (BTC) increased considerably on May 5, creating a bullish engulfing candlestick in the process.

BTC is expected to continue increasing, breaking out from the $56,000 resistance area.

Bullish engulfing BTC candlestick

BTC bounced considerably on May 5 after reaching the $53,000 support area. It created a bullish engulfing candlestick, negating the bearish implications from the previous day’s decrease. This is a sign that the trend is still bullish and the price is likely to continue heading upwards.

Technical indicators are also bullish. This is especially evident by the growing bullish cross in the Stochastic oscillator (green arrow).

In addition, the MACD is moving upwards and is positive, and the RSI has just crossed above 50.

Therefore, the daily time-frame indicates that the current BTC trend is bullish.

BTC Chart By TradingView   Short-term BTC movement

The two-hour chart also aligns with this scenario. First, it shows that BTC has bounced at the $53,000 area, which is the 0.5 Fib retracement support level (white) of the previous upward movement.

Secondly, both the MACD and RSI are bullish. The former has just crossed into positive territory while the latter has crossed above the 50-line.

Therefore, if BTC manages to clear the 0.618 Fib retracement resistance at $58,000, it’s likely to continue moving higher toward a new all-time high price.

BTC Chart By TradingView Wave count

The wave count suggests that the price is in sub-wave three (orange) of wave five (white) of a long-term bullish impulse.

The most likely targets for the top of the current upward move are located at $81,300 and $102,300. These targets are found by using a Fib projection on waves 1-3.

A decrease below the April 24 low of $47,004 would invalidate this particular wave count.

BTC Chart By TradingView Conclusion

Bitcoin is expected to resume the ongoing bounce from $53,000 and gradually increase towards new highs.

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

The post Bitcoin (BTC) Signals Bullish Trend with Strong Bounce appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68813.72 (+0.04%)
Объем 24H $42.222b
Изменеия 24h: 0.02 %, 7d: -3.44 %
Cегодня L: $66916.68 - H: $68910.37
Капитализация $1360.997b Rank 1
Цена в час новости $ 57871.91 (18.91%)

bullish btc bitcoin bounce signals trend beincrypto

Источник: beincrypto.com

bullish btc → Результатов: 126


Bitcoin Futures Premium Shows That Institutions are Bullish on BTC

Bitcoin futures have seen a rising premium over spot BTC in recent months, which seems to indicate that traders are bullish on the benchmark cryptocurrency. This premium is particularly clear while looking towards the CME – which seems to indicate that professional traders and institutions are particularly bullish on BTC at the present moment. This […]

2020-7-8 00:00


Bitcoin [BTC], EOS are still the most compelling long positions, says Ikigai Asset Management founder

Bitcoin’s [BTC] significant bullish rise over the past week has left a long-lasting effect on the cryptocurrency market, with several proponents claiming that it was Bitcoin’s return. In a recent interview, Travis, the Founder and Chief Investment Officer [CIO] of Ikigai Asset Management, spoke about the price hike and the entry of institutional investors in […] The post Bitcoin [BTC], EOS are still the most compelling long positions, says Ikigai Asset Management founder appeared first on AMBCrypto.

2019-4-5 12:30


Bitcoin [BTC]: China’s ‘Google’ Baidu registers ‘bitcoin’ as the most trending topic after bullish spike

Bitcoin’s [BTC] recent surge that enabled it to break out of its long drawn out bearish slump, created a splash in the cryptocurrency industry as well as the world of finance. The rise in Bitcoin’s price was just the tip of the iceberg as many other cryptocurrencies lower on the price charts also witnessed significant […] The post Bitcoin [BTC]: China’s ‘Google’ Baidu registers ‘bitcoin’ as the most trending topic after bullish spike appeared first on AMBCrypto.

2019-4-4 16:30


Key Bitcoin Metric Flashes Bullish for First Time in 442 Days

The bitcoin price just accomplished something it failed to do every day for more than a year, and it has speculators foaming at the mouth. For the first time in 442 days, in nearly 15 months, a positive candle of bitcoin was closed on a chart that uses a technical analysis method called the Ichimoku Cloud, a collection of indicators that demonstrate support and resistance levels.

2019-4-4 00:15


Crypto Cheerleader Pomp Discusses Bitcoin’s Future Developments With Vision Hill’s Dan Zuller

With the crypto market once again being faced with long-term bullish prospects, investor confidence in currencies such as Bitcoin seems to rising. This is highlighted by the fact that BTC recently broke past it's all-important $5K resistance barrier— thereby pushing the overall market capitalization of the alt-asset domain over the $160 bln mark. In the […]

2019-4-3 18:58


BitMEX: less than 200 positions across XBT and ETH contracts encountered erroneous auto-deleveraging

Earlier today, Bitcoin [BTC], the largest cryptocurrency by market cap, spiked in double digits to break through its resistance levels, resulting in a bullish sentiment. To add on, the run even resulted in other cryptocurrencies gaining momentum, thereby resulting in the majority of the market glowing in green.

2019-4-3 23:00


Bitcoin’s 7 Reasons for a ‘2019 Perfect Bull Storm’ + This Week’s BTC Price Predictions & March 31 History

Bitcoin Could be Creating a “Perfect Storm” for 2019 to be a Bullish Year Bitcoin (BTC), the most popular digital currency remains in a bear trend that started back in January 2018. However, there are several analysts and experts that believe that the cryptocurrency has already bottomed. These analysts believe that Bitcoin is in a […]

2019-4-1 23:45


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.