Bitcoin Double Bottom Leads to Hefty Bounce

2021-1-29 09:44

The Bitcoin (BTC) price bounced significantly on Jan. 28, creating a bullish engulfing candlestick and reaching a high of $33,783.

Bitcoin is expected to resume its upward movement until it reaches the neighborhood of $35,130.

  Bitcoin Runs Into Resistance

Bitcoin initiated a considerable upward movement on Jan. 28, creating a bullish candlestick that completely engulfed the prior bearish candle. This also completed a double bottom pattern relative to the lows on Jan. 22.

However, BTC was rejected by the $33,800 resistance area (0.382 Fib retracement level). If a breakout were to occur, the next resistance area would be found at $39,960.

Daily indicators are firmly bearish, casting some doubt on the possibility of a breakout.

BTC Chart By TradingView

The six-hour chart shows the completed double bottom pattern, which was combined with a significant bullish divergence in the RSI and MACD.

BTC Chart By TradingView BTC Wave Count

The wave count suggests that BTC is now in the C wave (shown in orange below) of an A-B-C flat corrective structure.

The upward movement which completes this wave is expected to end at either:

$35,390 – Giving the A:C waves a 1:1 ratio $39,131 – Giving the A:C waves a 1:1.61 ratio

The former target also fits with the resistance line of an ascending parallel channel, so it might be slightly more likely to be reached.

BTC Chart By TradingView

The sub-wave count (black) suggests that BTC has completed the first three waves of a bullish impulse which creates the C wave.

Once BTC decreases below the sub-wave 1 high at $31,928, the upward move will likely have ended.

After the C wave is completed, another downward move would be expected.

BTC Chart By TradingView Conclusion

Bitcoin is expected to resume climbing until it reaches resistance at $35,390 and possibly $39,130, before beginning yet another downward move.

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

The post Bitcoin Double Bottom Leads to Hefty Bounce appeared first on BeInCrypto.

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bitcoin movement upward jan considerable resistance initiated

Источник: beincrypto.com

bitcoin movement → Результатов: 126


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