Bitcoin Continues Ascent Towards $11,000 Following Weekend Rejection

2020-9-21 10:35

The Bitcoin (BTC) price has continued its ascent after bouncing at a long-term support level.

Due to the length and magnitude of the increase, it is now likely that BTC has begun a new upward movement.

Bitcoin Bounces at Long-Term Support

During the week of Sept 14-21, the Bitcoin price continued its ascent from the previous week in which the price bounced at the $10,000 level and created a Doji candlestick.

Last week the price created a bullish candlestick but failed to reach the primary support and resistance level seen throughout much of August and September.

Technical indicators are relatively neutral. Both the RSI and Stochastic Oscillator are above 50 and increasing, but the MACD has decreased for the third consecutive week.

BTC Chart By TradingView Has a Reversal Begun?

The daily chart shows that the aforementioned increase ended at the 0.618 Fib level of the entire downward move at $11,214. However, the rejection was not strong, and BTC seems to be gearing up for another attempt at breaking out.

If successful in breaking out, it’s possible that the price would find resistance near $11,400, just below the descending resistance line connecting the two most recent lower-highs.

BTC Chart By TradingView

Technical indicators on the daily time-frame are bullish. The RSI has clearly moved above 50 and validated the line as support. The Stochastic Oscillator is in the process of making a bullish cross, and the MACD is also moving upwards, having almost crossed into positive territory.

BTC Chart By TradingView

The shorter-term two-hour chart is also bullish. The price has just bounced at an ascending support line and is moving upwards. Similar to the daily time-frame, technical indicators are also bullish.

BTC Chart By TradingView Wave Counts

The long-term Bitcoin wave count suggests that the price has completed wave 4 (in black below), and has now begun a new bullish impulse.

The price has respected the 0-2 trendline, which is customary in such impulses. A decrease below the wave 1 high at $9,451 would invalidate this particular wave count.

Last week’s increase breached the previous $11,163 low (dotted red line) invalidated the majority of bearish wave counts.

BTC Chart By TradingView

If the price completed its correction on Sept 9, then it has likely in wave 5 (in orange below) and has just begun a new upward movement following an ascending support line.

A possible target for the top of this wave would be at $11,350, a previous resistance area. In addition, if the price were to reach this high, waves 5 and 1 would have a 1:1 ratio, which is customary when wave 3 is extended.

BTC Chart By TradingView

To conclude, it is likely that BTC has begun a new upward move that will eventually take it towards a new yearly high.

For BeInCrypto’s previous Bitcoin analysis, click here!

The post Bitcoin Continues Ascent Towards $11,000 Following Weekend Rejection appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 103670.54 (-0.55%)
Объем 24H $47.579b
Изменеия 24h: 2.27 %, 7d: 0.17 %
Cегодня L: $103456.85 - H: $104473.31
Капитализация $2054.431b Rank 1
Цена в час новости $ 10433.13 (893.67%)

bitcoin btc ascent magnitude increase movement length

Источник: beincrypto.com

bitcoin btc → Результатов: 126


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51


Фото:

El Salvador rings in Christmas 2024 with a Bitcoin twist

El Salvador continues to showcase its unwavering commitment to Bitcoin, doubling down on its cryptocurrency strategy despite stringent restrictions imposed by the International Monetary Fund (IMF). On 19 December 2024, the country purchased an additional 11 Bitcoin (BTC), valued at over $1 million, pushing its total reserves to nearly 6,000 BTC. This comes on the […]

2024-12-24 17:26


Фото:

Bitcoin Rally Set To Extend? Expert Foresees A $110,000 Price Target For BTC

The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]

2024-12-17 17:30


3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC)

The crypto market has witnessed a number of tokens rallying toward new all-time highs (ATHs), including notable players like Bitcoin (BTC) and Tron (TRX). Despite some setbacks, such as the US government transferring nearly $2 billion worth of Bitcoin, BTC has remained resilient, triggering a massive impulsive move that saw it reach an ATH of […] The post 3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC) appeared first on CoinJournal.

2024-12-15 21:58


дальше еще 77 новостей →

Партнеры Currencies.ru



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.