Bitcoin Price Analysis: BTC Stuck In The Doldrums

Bitcoin Price Analysis: BTC Stuck In The Doldrums
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2019-1-22 00:48

Bitcoin price expected to remain under selling pressure below $3,660 level. $3,100 is the major technical zone to watch this week for further downside in the BTCUSD pair Bearish pattern suggests medium-term downside objective has already been reached BTCUSD Short-term price analysis

In the short-term, the BTCUSD pair should remain under downside pressure while trading below the $3,660 level. Any sustained moves back above the $3,660 level are likely to eventually test towards the $3,960 to $4,000 resistance levels.

The $3,485-90 support area is the key area to watch for further declines in the BTCUSD pair over the mentioned time horizon, due to this important technical area being the lowest trading point for the BTC/USD pair so far this year.

A sustained loss of this region and we should expect a test of the $3,300 level, with the $3,100 level by far the most technically significant area just below.

Pattern Watch

After a period of consolidation the BTCUSD has broken below the well-defined descending triangle pattern, which has formed across various lower time frames and holds an approximate $400.00 projected drop.

Key Moving Averages

The BTCUSD pair is trading below its 50 and 200-day moving averages on the reliable four-hour time horizon, which is suggestive of short-term weakness.

The 50-period moving average has crossed over the 200-period moving average, which is a bearish sign, but more significant on the daily time frame, hence its nickname, A Death Cross, when the 50-day crosses the 200-day.

 

 

 

MACD & Volume

The MACD indicator on the four-hour time frame is trending lower, after spending over one-week holding in positive territory. The indicator is trending lower alongside price itself, with no price divergence currently apparent.

The volume indicator is showing that the recent sell-off has been on weak trading volumes, which is generally indicative of the trading action seen in the BTCUSD pair over a ten-day period.

BTCUSD Medium-term price analysis

In the medium-term the BTCUSD pair is bearish while trading below the $4,400-$4,600 levels. The $4,400 level represents a former key swing-high that Bitcoin buyers recently failed to break, while the $4,600 level represents the BTCUSD pairs 100-day moving average, which aside from a key calculation of closing prices is also an important sentimental gauge.

Daily price closes back the BTCUSD pairs 50-day should be watched carefully, especially if this recent decline starts to lose bearish momentum.

The $3,100 level is the key downside level to watch over the medium-term, predominately because it is the 2018 trading level and the actual completion point of the projected target of the large head and shoulders pattern.

A loss of the $3,100 should spark selling towards at least the $3,000-$2,900 levels, with the former important weekly low, at $2,500 the major support zone protecting the $2,200 level.

 

 

Pattern Watch

The formation of a bullish double-double bottom pattern should be watched carefully, as it may trigger heavy buying interest if bears fail to break the $3,100 level.

The immediate pattern to watch on the daily charts is the well-flagged descending triangle, with a $400 downside projection, that would take price close to the 2018 low if successfully achieved.

Key Moving Averages

Aside from illustrating the key recovery points on the BTCUSD daily chart extremely well, the overall trend remains bearish as price trades below the 50,100 and 200-day moving averages.

A bearish cross over is still underway, so currently buyers have few reasons to be bullish.

Moving Average + Volume

The Daily MACD indicator is trending lower, but not definitively so, while trading volumes over a 20-day period are in continuous decline, which may give longer-term bulls some hope over the horizon.

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Bitcoin
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The post Bitcoin Price Analysis: BTC Stuck In The Doldrums appeared first on Crypto Briefing.

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bitcoin price doldrums stuck analysis btc crypto

bitcoin price → Результатов: 126


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained

After reaching a new all-time high of $99,600 last Friday, the Bitcoin price has retraced to the $94,000 mark for the first time in nearly a week. This pullback comes amid growing speculation about a possible correction following a massive three-week uptrend that saw the leading crypto surge by 40% after Donald Trump’s election on November 5.

2024-11-26 10:30


Фото:

Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder

The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 […] The post Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.

2024-11-13 17:39