Bitcoin Consolidates in Preparation for Breakout Attempt

2020-10-19 11:51

Bitcoin (BTC) spent the past week consolidating above $11,150. The price is expected to soon begin moving upwards towards higher targets.

During the week of Oct 12-19, the Bitcoin price gradually continued the ascent that it began in early September. The price created a small Doji candlestick, reaching a high of $11,731 before decreasing slightly.

Bitcoin Weekly Close

While the price is considerably above the $10,000 support, it’s still trading below the $12,000 resistance level that was seen throughout August 2020 as well as in July 2019.

Until BTC is successful in moving above these levels, we cannot confidently state that it will move upwards.

Technical indicators are relatively neutral, leaning on bullish, but do not provide a clear direction of the future trend.

BTC Chart By TradingView Ongoing Retracement

A look at the daily time-frame shows that the main support area is found at $11,150. The area has intermittently acted as support and resistance since late-August. As long as the price is trading above this level, it is expected to continue moving upwards.

Furthermore, BTC has briefly moved above the 0.786 Fib level of the previous decrease, which would be expected to act as the top if the current movement is corrective.

Technical indicators are still positive, but the first signs of weakness are showing in the form of an unconfirmed bearish divergence in the RSI.

A breakout above the current level would likely take BTC back to the long-term resistance area at $12,000 — the same level that initiated the Sept 4 drop.

BTC Chart By TradingView

The shorter-term 2-hour chart shows a trading range between $11,550 and $11,300, with the price currently being very close to the former. In addition, BTC appears to be following a descending resistance line.

While the range does not directly help in determining if the price will break out, the successive attempts at doing so make a breakout more likely. There is no weakness in technical indicators yet, and since the ongoing trend is bullish, a breakout would be expected.

BTC Chart By TradingView Wave Count

In BeInCrypto’s Bitcoin analysis from Oct 16, we stated that:

“The price seems to be in wave 4, which is expected to end near this $11,150 area, before wave 5 begins (shown in red below). Wave 5 would be expected to end near $11,920.”

It’s possible that the price has already completed wave 4, and has now begun wave 5, which is expected to end between $11,930-$12,030, a target found by using the Fib lengths of waves 1-3.

This particular wave count would be invalidated by a decrease below the wave 4 low of $11,205.

BTC Chart By TradingView

To conclude, Bitcoin is expected to gradually move towards the weekly range highs at $11,900.

For BeInCrypto’s previous Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post Bitcoin Consolidates in Preparation for Breakout Attempt appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68728.03 (-0.10%)
Объем 24H $41.904b
Изменеия 24h: -0.06 %, 7d: -3.36 %
Cегодня L: $66916.68 - H: $68910.37
Капитализация $1359.604b Rank 1
Цена в час новости $ 11454.08 (500.03%)

bitcoin price week higher upwards towards oct

Источник: beincrypto.com

bitcoin price → Результатов: 126


Фото:

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin (BTC) is showing the first signs of positive price momentum since June, as it attempts to convincingly break the $69,000 price zone and shift to a “euphoric bull market.” According to Glassnode’s latest “Week Onchain Newsletter,” the recent rally has seen Bitcoin’s spot price break through key technical and on-chain price levels, pushing many […] The post Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode appeared first on CryptoSlate.

2024-10-24 00:38


Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

2024-10-22 22:30


Bitcoin Price To $95,000? Here’s What Needs To Happen First

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.

2024-10-18 13:00


Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align

Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming rally of at least 60% for the Bitcoin price in his latest technical analysis. The seasoned analyst has identified a pattern across three critical technical indicators that have historically signaled major upward price movements when all aligned.

2024-10-18 11:30


Фото:

Bitcoin Whales Take Profit After Latest Price Jump — Here’s How Much They Sold

The latest on-chain data shows that a particular class of Bitcoin investors has been selling for profit in the wake of the recent price rally. The question here is — how much did they sell and how much impact could it have on the Bitcoin price trajectory? Bitcoin Whales Dump 30,000 BTC In Four Days — Impact On Price? In a new post on the X platform, prominent crypto pundit Ali Martinez revealed that Bitcoin whales have been increasingly active in the market in the days following BTC’s return to above $63,000.

2024-9-23 13:00


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.