Bitcoin has been able to once again push into the upper-$7,000 region after facing multiple rejections here throughout the past few days
The cryptocurrency is pushing up against its 200-day moving average – a key trend-determining level
A break above this 200-day MA could spark a major upside movement, with some analysts thinking this is imminent
After facing multiple harsh rejections within the upper-$7,000 region throughout the past couple of days, Bitcoin has been able to once again navigate back up to this price region.
It now appears that the benchmark cryptocurrency’s bulls are attempting to propel it past a key technical moving average that could have a serious impact on how the crypto trends in the days and weeks ahead.
It is also growing increasingly likely that bulls will be able to orchestrate a push above this level in the hours and days ahead, as BTC is flashing subtle signs of technical strength at the moment.
Bitcoin Pushes Towards $8,000 as Analysts Watch 200-Day Moving Average
At the time of writing, Bitcoin is trading up just under 2% at its current price of $7,750, marking a slight decline from daily highs of $7,800 and a climb from lows of $7,550.
The price region just above where Bitcoin is currently trading is laced with heavy resistance, partially because it coincides with multiple moving averages.
One trader spoke about these levels in a recent tweet, explaining that the cryptocurrency’s 200-day moving average is the level that could spark a “very bullish” trend if successfully closed above.
“No weird horizontal/diagonal/vertical lines – just the cloud: Green line: 21ema. Black line: 89 ema. Red line: 200ema. It would be VERY bullish to close above the 200ema, today is the 5th days of testing,” he said while pointing to the below chart.
Image Courtesy of Teddy
BTC Sees Growing Bullish Undercurrent
It remains somewhat unclear as to whether or not Bitcoin’s current technical strength will be enough to allow the crypto to surmount its current resistance.
One analyst, however, noted in a recent tweet that he believes market participants are currently frontrunning typical buy zones – an occurrence he considers to be bullish.
“BTC update: Still long from 7140. Price never even saw a 1HR close below the previous swing high. Only tapped the 0.5 fib once, and never the 0.618. I consider this bullish action, market participants frontrunning typical buy zones. Stops are safe now, looking to TP at 8K+,” he explained.
Image Courtesy of Chase_NL
If this bullish undercurrent is enough to push Bitcoin firmly into the $8,000 region, it could see a notable uptrend that is catalyzed by it breaking through its 200-day MA.
Featured image from Unplash. origin »
The long-term Bitcoin trend indicators — the 200-day and 200-week moving averages — are at the highest-ever levels, with Anthony Pompliano saying that BTC is “as strong as ever.”
Bitcoin trades at above $19,000 in a bear market and support area 200-day moving…
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Over the past few days, all anyone could talk about on Crypto Twitter was the golden cross that had formed on Bitcoin’s one-day chart. For those unaware, a traditional golden cross in technical analysis is when an asset’s 50-day simple moving average crosses above its 200-day moving average, suggesting that a decisive bull trend is […]
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Bitcoin (BTC) just added another huge factor to the bullish case, as a golden cross of the 50-day and 200-day moving average appears on the daily chart. Bitcoin 50-Day MA Crossed Over, Sparking Expectations of Big Rally Bitcoin prices managed to bounce quickly from a dip close to the $9,500 level.
After becoming the best performing and the hottest asset of the decade, Bitcoin is up over 26% YTD and staying above $9,000 level. The world’s leading cryptocurrency is currently trading above its 200-day moving average which according to Bitcoin bull Tom Lee, the founder of independent research and advisory firm Fundstrat is a significant signal […]
If you told investors in mid-January that Bitcoin would soon surmount $9,000, they might’ve thought you were crazy. At the time, the cryptocurrency had just been rejected multiple times from key resistances in the high-$8,000s — namely the ever-so-important 200-day moving average (seen as a “make or break” level) and the horizontal right around $9,000... The post appeared first on NewsBTC.
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The Bitcoin dominance rate reached a high of 70. 86% on January 8. It has been decreasing since. Highlights The Bitcoin dominance rate broke down below an ascending support line. The 100- and 200-day moving averages (MA) have made a bearish cross.
Last week’s explosion in growth across Bitcoin and the altcoin market caused the total cryptocurrency market cap to all break above the 200-day moving average – an important level that smart money often trades based on.
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Bitcoin was finally back above the 200-day MA and had successfully breached the $9,000 level, with quite a few "Vegeta memes" on the way. However, BTC's lifespan above the $9,000 mark and the 200 DMA The post Bitcoin's 6.
Bitcoin Price Highlights The Bitcoin price has broken out above a descending resistance line. It is trading between the 100 and 200-day moving averages (MA). The price is nearing the resistance line of the long-term descending channel.
Coinspeaker Bitcoin Prices Rise Again Above $7,000Bitcoin prices rise again above the psychological support level of $7,000 breaking the 200-day moving average for the first time since May.Bitcoin Prices Rise Again Above $7,000
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The Bitcoin price is trading near the end of a descending wedge. Due to the strong bullish divergence and a confluence of support, it has likely begun an upward move which will eventually lead to a breakout.
The leading crypto asset by market cap, Bitcoin, has had a confusing year thus far. The cryptocurrency started the year at extreme lows but later exploded back up 350% to $14,000, before falling nearly 50% down to $7,300.
Bitcoin has fallen below $9,000 for the first time in two weeks after breaching its 200-day moving average, which had been seen as a price support by some traders using technical analysis.
The Bitcoin price is trading inside a horizontal channel and an ascending triangle. According to our analysis, it is likely to break out from the triangle and reach the resistance line of the channel at $9,800.
Since topping at $10,500 last week, Bitcoin (BTC) has been in a relative state of calm, trading within a tight range between $9,000 and $9,500. Despite this consolidation above the 200-day moving average, which many analysts would call more bullish than bearish, some fear that the crypto market’s charts are flashing warning signs.
Bitcoin is trading inside a descending wedge. It has been trading without significant volatility for the past three weeks. In a long-term view, we believe we are approaching the bottom. We do not believe the price will break down from this descending wedge.
Bitcoin price has spent another day trading within its range-bound channel at around $8,200. The sideways action has been going on for almost a month now and technical indicators are starting to align with a signal for the next big move.
Bitcoin, coincidentally, faced a dreadful drop of 20% after the launch of Bakkt, with Bitcoin falling to as low as $7,714 on Bitstamp exchange. The repercussions of this drop caused it to go below the 200-day moving average, a development which is considered a bearish signal.
Bitcoin’s breakout after Bakkt announcement was brutal, the price dipped below the 200-day moving average and is still under it. The recent pump toward the end of October first week flipped the odds and now sides with the bulls.
Moving averages (MA) are often very significant in determining future price movements. The price of an asset, like Bitcoin, often reacts to its MAs — either using them for support or resistance. The higher the number of times an asset reacts to an MA, the higher its significance — thus, the more likely it is […]
The post For the Bitcoin Price to Reach $9200, the 200-Day Moving Average Must Be Breached appeared first on BeInCrypto.
Since the start of the week, Bitcoin price has rallied from a retest of lows around $7,700 to $8,700 – gaining over $1,000 in value during the short timeframe. The rise in Bitcoin price was also yet another retest of the asset’s 200-day moving average, and what happens from here could determine the trend ahead.
Technicals suggest a nascent bear market with price now below both the 200-day moving average and daily Cloud. Any price action below US$10,000 will likely be sold off heavily in the near-term.
Moving averages (MA) can be immensely important in determining significant support and resistance levels. The relationship between price and its MAs can successfully identify the direction of a trend as well.
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