Bitcoin Just Printed a Monthly Close Above a Pivotal Support Level

2020-10-1 13:00

It’s been quite the boring past four weeks for the Bitcoin market. The cryptocurrency, after suffering a strong plunge at the start of the month, was largely rangebound between $10,000 and $11,000 over September.

Despite the lack of strong price action, not all hope is lost for Bitcoin bulls.

In fact, many analysts remarked at the time of the candle close that the cryptocurrency is actually in a good long-term position. Here’s why they think so.

Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase Bitcoin Prints Crucial Monthly Candle Close

Bitcoin has seen a weak performance over the month of September. Since the start of the month, the cryptocurrency has slipped a handful of percent, printing a red candle for the first time since June.

Despite this drop, not all hope is lost.

The cryptocurrency, having bounced strongly from the monthly lows around $9,800, is actually in a bullish state as per some analysts.

One trader shared the chart below right after the monthly candle close. The chart shows that Bitcoin is actually sitting above a level of macro support, $10,500, on a monthly time frame.

This level marked the highs of Bitcoin’s rallies in 2019 (monthly time frame) and in February (intra-month time frame). Bitcoin managing to turn this level into support suggests the formation of a “bullish trend” on the monthly chart, the trader said.

The trader that made this observation is the same one that predicted in the middle of the March crash that the asset would see a V-shaped reversal to $10,000 by May/June. He was proven correct just months after he made this call, nailing the timing and the shape of the price action.

Chart of BTC's price action since the start of 2017 with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter). Chart from TradingView.com Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward Long-Term On-Chain Trends Also Bullis

Long-term on-chain trends are also bullish for Bitcoin.

CryptoQuant, a crypto-asset analytics and data firm, recently shared that the following ten of its eleven long-term on-chain trends are currently printing “buy” signals for Bitcoin:

Miners’ position index Puell Multiple Hash Ribbons All Exchanges Outflow Mean All Exchanges Reserve Stablecoin Supply Ratio All Exchanges Stablecoin Reserve MVRV Ratio Network Value to Metcalfe Ratio Stock to Flow

While on-chain trends aren’t perfect determinants of price action over the short term, these long-term trends suggest that Bitcoin is in a phase of macro growth.

Where the cryptocurrency will rally to, though, remains to be seen.

Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Just Printed a Monthly Close Above a Pivotal Support Level origin »

Bitcoin (BTC) на Currencies.ru

$ 94643.68 (-0.94%)
Объем 24H $53.913b
Изменеия 24h: 3.09 %, 7d: -3.39 %
Cегодня L: $91951.2 - H: $95752.95
Капитализация $1874.305b Rank 1
Цена в час новости $ 10892.46 (768.89%)

bitcoin start plunge suffering month largely september

Источник: newsbtc.com

bitcoin start → Результатов: 126


Фото:

Bitcoin Just Flashed the Signal That Marked the Start of a 7,000% Rally

A confluence of technical and fundamental signs are showing that Bitcoin is on the verge of entering into another parabolic bull run, despite recent weakness. Bitcoin Flashes Positive Momentum Signals According to prominent cryptocurrency chartist Nunya Bizniz, Bitcoin in May printed the exact same signal that marked the start of all prior bull runs: “three consecutive higher monthly [candle] closes.

2020-6-8 15:00


Фото:

Expert Claims That Bitcoin Will Rise 6000% In 6 Years, Seriously

As Bitcoin starts to retreat and as the markets start to balance, we may all start to be feeling a little less optimistic about a potential looming bull run. We do know that this is mostly likely down to the SEC decision to reject the Winklevoss application for a Bitcoin ETF but regardless of what’s caused it, it’s happening and unfortunately, there’s not a lot we can do about it at present.

2018-7-27 16:00


Фото:

Coinbase Lures in the Big Boys, Might Start Offering Security Tokens Soon

Coinbase is still the reigning number one cryptocurrency exchange and broker in the US and won’t likely step down from that spot anytime soon. The San Francisco based firm has already shown some success in luring in institutional investors after onboarding a $20 billion hedge fund and has recently shown signs that it could soon […] Coinbase Lures in the Big Boys, Might Start Offering Security Tokens Soon was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-7-26 14:29


Фото:

Bitcoin Surges 17 Percent to Close Week in mid-7,000s: BTCManager’s Week in Review July 23

The price of bitcoin rallied by over 17 percent week-on-week giving bitcoin hodlers hope that the worst might finally be over for this year. This week’s price surge was driven by the news that the world’s largest asset manager, BlackRock, may start to invest in bitcoin, as well as the arrival of more positive regulatory news suggesting that the feared.

2018-7-24 05:00


Bitcoin’s (BTC) price clocked a two-month high of $7,820 today and looks set to extend gains further, a key cryptomarket gauge indicates. CoinMarketCap’s bitcoin dominance rate, an indicator that tracks the percent of the total cryptocurrency market

To start with, a rise in the BTC dominance rate essentially means the number one cryptocurrency is more in demand compared to the alternative cryptocurrencies. The above chart shows: The BTC dominance rate has increased from 40.

2018-7-23 18:29


Фото:

Governance, Part 2: Plutocracy Is Still Bad

Coin holder voting, both for governance of technical features, and for more extensive use cases like deciding who runs validator nodes and who receives money from development bounty funds, is unfortunately continuing to be popular, and so it seems worthwhile for me to write another post explaining why I (and Vlad Zamfir and others) do not consider it wise for Ethereum (or really, any base-layer blockchain) to start adopting these kinds of mechanisms in a tightly coupled form in any significant way.

2018-7-21 23:03


Фото:

Market Leaders Call For Bitcoin To Move Higher, Including Staunch Bitcoin Bear

The cryptocurrency market has been in a rough state since the start of 2018, but the sentiment held by industry leaders, analysts, and experts indicate that Bitcoin is ready to move upwards. Resolute Bitcoin Bear Says Bitcoin Could Move To $8,000 Over the past week, Bitcoin has seen a stellar week, moving from a low […] The post Market Leaders Call For Bitcoin To Move Higher, Including Staunch Bitcoin Bear appeared first on Ethereum World News.

2018-7-19 22:17


Фото:

‘We’re In It For The Long Haul’ — CheapAir CEO on Dropping Coinbase [Interview]

Bitcoinist caught up with CheapAir CEO Jeff Klee to find out why exactly his company just switched from Coinbase to BTCPay Server. CheapAir. com has decided to double down in its support of Bitcoin at a time when many retailers, including Expedia, have made the difficult decision to drop Bitcoin payments due to problems with merchant processors like Coinbase and BitPay.

2018-7-18 19:00


Фото:

Charlie Lee – “Buy A Whole Bitcoin Before You Buy Altcoins”

When you’ve been in the industry as long as Charlie Lee, it isn’t uncommon for them to start giving out advice to newcomers in the industry. The creator of Litecoin has recently advised to newcomers that you should invest heavily in Bitcoin and Ethereum before you go head first into any altcoins, but what’s strange is that he’s given himself the same advice.

2018-7-18 15:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Under Pressure: Could The Slide Continue?

Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone. Bitcoin started a fresh decline from the $100,000 resistance zone.

Bitcoin Decline Continues: Are Bulls Losing Control?

Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.

Bitcoin Price Struggles at $100K: Is The Rally Losing Steam?

Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.