Bitcoin Comes to Life in Attempt to Retake $11,000

2020-9-16 12:07

The Bitcoin (BTC) price reached a local high of $10,940 on Sept 15, but was rejected by an important Fib level resistance and decreased slightly.

At the time of press, BTC was making another attempt at breaking out.

Bitcoin Gets Rejected

Since it reached a local low on Sept 8, Bitcoin has been gradually increasing. The movement can be contained inside a parallel ascending channel inside of which the price is currently very close to the resistance area.

In addition, yesterday’s high of $10,940 validated both the resistance line of this channel and the 0.5 Fib level of the entire decrease, making it a likely reversal level.

Technical indicators are showing weakness. There is a considerable bearish divergence in the RSI, and the MACD has begun to decrease considerably, possibly getting ready to cross into negative territory.

BTC Chart By TradingView

The daily chart also indicates that the upward trend has not yet been confirmed. While the MACD is increasing, the RSI is possibly facing resistance at 50. In addition, the Stochastic Oscillator has not yet made a bullish cross.

Unless the price is successful in completing the following, this is likely to be a retracement, rather than a new upward trend:

Breaking out above the 0.618 Fib level at $11,200, a level which also previously acted as support Stochastic Oscillator makes a bullish cross RSI moves above 50 BTC Chart By TradingView Wave Counts

Beginning on Sept 2, BTC likely began a bearish impulsive five-wave formation (in orange below) and is currently in wave 4. The two most likely levels for the wave to end would be at $10,937 (0.5 Fib level and current high) or $11,199 (o.618 Fib and previous support).

The fourth wave is transpiring inside a complex w-x-y corrective structure (red).

BTC Chart By TradingView

A closer look at the Y wave reveals an A-B-C formation (blue). The length of the waves supports a high of $11,200 being reached as that would give the C and A waves a 1:1.61 ratio, which is common during A-B-C corrections.

BTC Chart By TradingView

In addition, we can see that the C wave is in the fifth and final sub-wave (red). If the ascending support line that connects the bottom of sub-waves 2 and 4 is broken, it should confirm that the upward correction has ended.

BTC Chart By TradingView

To conclude, the BTC price looks to be nearing the end of the correction, which is expected to occur near $10,930 or $11,200.

For BeInCrypto’s previous Bitcoin analysis, click here!

The post Bitcoin Comes to Life in Attempt to Retake $11,000 appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 98173.8 (+0.55%)
Объем 24H $99.743b
Изменеия 24h: 5.19 %, 7d: 10.11 %
Cегодня L: $94006.77 - H: $98359.48
Капитализация $1942.927b Rank 1
Цена в час новости $ 10891.45 (801.38%)

btc bitcoin attempt fib level resistance important

Источник: beincrypto.com

btc bitcoin → Результатов: 126


Japan’s Metaplanet’s Bitcoin Holdings Rise to 530 BTC After Pulling Off Mind-Blowing Strategy

According to the latest announcement from Japanese investment firm Metaplanet Inc., its Bitcoin holdings have surged, rising to 530.717 BTC as of October 3. As revealed by the Tokyo-listed company, this increase in its Bitcoin bags was possible due to a smart options trading strategy, which led to the company earning more BTC and adding […]

2024-10-4 21:00


Фото:

Bitcoin STHs Supply Decreases By 1.31M BTC – A Sign Of Growing Confidence?

Bitcoin has remained above $60,000 for the past two weeks, holding strong as the broader crypto market bulges. This steady performance is fueling optimism among traders and investors alike.  According to key data from CryptoQuant, short-term holders are now selling for profit, leading to a notable decrease in BTC supply. This reduction in available BTC […]

2024-9-30 19:00


Bitcoin wallets dormant for 15 years move BTC after touching highs above $64,000

Satoshi era bitcoin wallets dormant since 2009, have moved 250 BTC to new wallet addresses The five wallets transferred BTC in batches of 50 coins each Bitcoin price traded around $63,500, having touched highs above $64,000 across major exchanges Several Bitcoin (BTC) miner wallets dormant for over 15 years have moved 250 BTC worth over […] The post Bitcoin wallets dormant for 15 years move BTC after touching highs above $64,000 appeared first on CoinJournal.

2024-9-21 12:46


Bitcoin Preparing for a Bullish Phase – New Cryptos to Hold During BTC Expansion

Despite the current bearish market sentiment, many seasoned analysts believe that Bitcoin (BTC) could soon break the $60k psychological barrier and lead the wider market into a bullish phase. The reason for this was explained in a recent post by Bitcoinsensus, suggesting that BTC whales are trying to position themselves for the next bull run.

2024-9-5 17:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum (ETH) Weekly RSI Falls to New All-Time Low

Ethereum (ETH) has reclaimed a short-term support level and in the process created its first higher low since June 18. The post Ethereum (ETH) Weekly RSI Falls to New All-Time Low appeared first on BeInCrypto.

DASH Heads Toward Resistance After Reclaiming Range Low

The Dash (DASH) price has reclaimed an important support level after briefly deviating below it. While DASH/USD is expected to increase toward the resistance areas outlined below, the DASH/BTC pair is expected to continue decreasing.

Bitcoin Adds 10% In a Day, Reaches Long-Term Resistance

The Bitcoin (BTC) price created a bullish engulfing candlestick on Nov 5, reaching a high of $15,570 to mark a 10% gain for the day. While the price has reached an important resistance area that could act as the top, there are no signs of weakness yet in the trend.

OCEAN Falls Back to Support and Shows Strength

The Ocean Protocol (OCEAN) price is in the process of validating an important area as support. As long as the price is trading above this level, the trend is considered bullish. On the contrary, the OCEAN/BTC pair looks bearish unless it can break out above a descending resistance line that’s been holding it back.