Bitcoin (BTC) Stops Bleeding with Bounce from Support

2021-3-2 09:39

On Mar. 1, Bitcoin (BTC) bounced at the minor $44,600 support area, nearly reaching a high of $50,000 after.

It’s possible that this is the beginning of an upward move that will carry Bitcoin above the current resistance range of $50,650-$52,450.

  Bitcoin Bounces at Support

On Mar. 1, Bitcoin bounced at the minor $44,600 support area and created a bullish engulfing candlestick, reaching a high of $49,790. The bounce also coincided with a daily RSI bounce at the 50-line.

While this is a strong bullish sign, technical indicators have yet to confirm the bullish trend reversal. 

The MACD is still decreasing and has failed to generate a higher momentum bar. The Stochastic oscillator has made a bearish cross.

The next support area is found at $38,600.

BTC Chart By TradingView Wedge Breakout

The six-hour chart shows that BTC has broken out from a descending wedge and is currently approaching the 0.5-0.618 Fib retracement resistance area at $50,650-$52,450. 

Technical indicators have turned bullish. The MACD has given a bullish reversal signal and the RSI has crossed above 50.

BTC Chart By TradingView

While the two-hour chart shows some weakness in the form of a bearish divergence, it is relatively small. The bearish divergence is insignificant relative to the bullishness from the price action and higher time-frames. 

Therefore, while BTC could drop to the minor $47,700 area and validate it as support, it would be expected to move higher after.

BTC Chart By TradingView Wave Count

The wave count suggests that BTC is in sub-wave five of a bullish impulse (white) that began in March 2020. 

The top of the movement has a target of $63,900-$66,550, found by a combination of Fib projections and external Fib retracements. 

BTC Chart By TradingView

A closer look at the movement shows that the increase looks impulsive. This makes it likely that it’s the beginning of the aforementioned upward movement. 

Therefore, while a short-term drop could occur, BTC would be expected to continue moving higher after.

BTC Chart By TradingView  Conclusion

While a short-term drop could potentially transpire, Bitcoin is expected to continue increasing towards the $50,650-$52,450 range before eventually breaking out.

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

The post Bitcoin (BTC) Stops Bleeding with Bounce from Support appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 94585.97 (-0.73%)
Объем 24H $43.394b
Изменеия 24h: -2.61 %, 7d: -9.98 %
Cегодня L: $94585.97 - H: $95637.28
Капитализация $1872.788b Rank 1
Цена в час новости $ 48638.42 (94.47%)

bitcoin support minor bounced 450 bounces mar

bitcoin support → Результатов: 126


Фото:

Support Turns Resistance: Bitcoin Retests $64,515 After Break – Will It Hold?

Bitcoin’s price dynamics have taken a significant turn as the $64,515 support level, once a crucial foundation, has now transformed into a formidable resistance after being breached. This pivotal change underscores a shift in market sentiment, with traders now watching closely to see if Bitcoin can reclaim this level or face further downward pressure.  The […]

2024-6-23 23:00


Фото:

Bitcoin Slips Under $64,000: Here’s Where The Next Support Is

Bitcoin has continued its recent bearish trajectory during the past day as the asset’s price has now slipped under $64,000. Here’s what the next support looks like for BTC. Bitcoin Has Strong On-Chain Support Between $61,900 & $63,800 According to data from the market intelligence platform IntoTheBlock, BTC is floating just above a critical on-chain demand zone.

2024-6-23 02:00


Bitcoin Under Pressure Near $40K, Here Are 2 Reasons Why That Could Change Soon

Bitcoin remains rangebound in the high $30,000 to low $40,000 areas. The first crypto by market cap has seen its volatility reduce as several factors contribute to the slowdown across the sector. Related Reading | TA: Bitcoin Trims Gains, Support Turned Resistance At $41K At the time of writing, Bitcoin (BTC) trades at $40,500 with a 6% loss in the last 24-hours and a 1% profit over the past week.

2022-4-22 21:00