Bitcoin Price Has 8 Hours to Close Above Crucial $5,500 Level: Why It’s Important

2020-3-15 18:30

Bitcoin has had a tough week, to say the least; after peaking at $9,200 on Saturday, the cryptocurrency started a precipitous decline, falling through support level after support level as if they were irrelevant. Indeed, at the crash’s worst on Friday morning, the cryptocurrency had reached a price as low as $3,800 (or $3,200 on some trading pairs/swaps), easily breaking through every single relevant level for Bitcoin up to that point. Despite this, bulls have a chance to recover a key moving average that has acted as support for the cryptocurrency over the past five-odd years. BTC holding this level when the weekly close takes place in approximately eight hours (as of the time of this article’s writing) would mark the start of a potential full-blown bullish reversal, meaning $3,800 could have been the bottom. Bitcoin Must Hold the 200-Week Moving Average While Bitcoin seemingly moves without rhyme or rhythm, its price action isn’t entirely irrational; below is a TradingView chart of BTC’s price action from 2015 to the middle of 2019, along with the 200-week simple moving average of the price. Related Reading: Coronavirus Spreading In Crypto: Ex-Ethereum Dev Afri Schoedon Infected As can be seen below, this specific moving average has marked the bottom for Bitcoin at least four times over the time period, with the asset never failing to close its weekly candles above this level. It isn’t clear why this trend exists, though the S&P 500 also never lost its 200-week moving average over the same time period. So it’s fair to say investors were shocked on Friday when Bitcoin did the unimaginable; it crashed below the 200-week moving average in a convincing fashion, plunging as low as $3,800 as investors began panic-selling, seemingly anticipating that the crypto industry’s decade-long run was coming to an end. What’s crazy is that there was no resistance at the level. Fortunately, BTC has since recovered to $5,300. This means that as it stands, Bitcoin is $200 — or around 3.7% — shy of the 200-week moving average. Considering the historical importance of the level, the cryptocurrency managing to slightly rally into the weekly close to hold the moving average will be a win for bulls. BTC Weekly: The current dips below the log curve (blue) and the 200 week MA (red) were twice as deep as the next closest. This may turn out to have been one of the best entry points. pic.twitter.com/M4tHCIdboC — Nunya Bizniz (@Pladizow) March 13, 2020 Featured Image from Shutterstock

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2023-9-15 16:21


Bitcoin Drops Under $29,000, Here’s Where BTC Could Find Support Next

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2023-8-2 23:30


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2020-12-5 19:33


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2020-11-23 22:00


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Analyst: Chainlink Gearing Up for a Major Push Higher as Bulls Defend $10.00

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2020-9-30 00:00


Bitcoin Hammers Key Support Level as All Eyes Continue Watching $10k

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2020-9-8 21:00


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Bitcoin is Conducting a “Bullish Retest” as It Hits Critical Support Level

Bitcoin is ardently attempting to hold above $10,000, as this crucial psychological support level has been broken and reclaimed on multiple occasions throughout the past several hours. Earlier today, the cryptocurrency showed some significant signs of weakness as it pushed below this level, with bears sending it as low as $9,900 before it saw a […]

2020-9-7 19:00


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Bitcoin’s Price is Hovering Above “Last Ditch” Support Following Recent Selloff

Bitcoin is currently teetering above its crucial support at $11,300 This level has been holding strong over the past day, but an influx of selling pressure has put it at risk of being broken below in the near-term This level also happens to coincide with the benchmark crypto’s 200-day ema, which is a crucial technical level that must be defended If this technical and horizontal support is lost in the days ahead, BTC could be […]

2020-8-27 02:00


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Bitcoin is Poised to Push Towards $14,000 After Posting Bullish Weekly Close

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2020-8-18 21:00


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Ethereum Bulls Defend Crucial Support, But Outlook Remains Gloomy

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2020-7-2 23:00


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Bitcoin Price Analysis: Could Three Times Be the Charm for This Resistance Level?

Bitcoin remains in its tightly coiled range as the market continues its sideways trend for the third week in a row. While macro support has been tested three times recently, we have yet to test the overhanging macro resistance:Figure 1: BTC-USD, Daily Candles, Narrow RangeThe blue zone outlined above shows a very strong zone of support that, over the last few weeks, has seen three strong tests and has led to a slowly upward-drifting market consolidation.

2019-3-16 01:56


Ethereum Price Action – ETH Tests Key Support Near $100 Level

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2019-2-1 19:49


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Bitcoin Price Analysis: Major Support Broken on Expanding Volume and Spread

After weeks of consolidation, bitcoin finally broke through support. The market now finds itself cruising toward prior lows. On expanding volume and spread, the bitcoin market appears ripe for a continuation of the downtrend:Figure 1: BTC-USD, Daily Candles, Broken SupportAlthough the current daily candle has yet to close, unless there is a strong influx of demand hitting the market, it stands to reason that bitcoin will be closing a new daily low for the first time since mid-December.

2019-1-29 02:01


Bitcoin: BTC Stabilizes After Sinking Below $3,500, Analysts Claim it is Likely to Drop Further

Following a long period of sideways trading, Bitcoin (BTC) has now broken down below its previously established support level around $3,500. Today’s drop appears to have allowed BTC to establish support in the $3,400 region, but further volatility could easily push it down towards $3,000, where the cryptocurrency has significant buying pressure.

2019-1-29 23:00


Bitcoin [BTC] Price Action: Bearish Start to the Week for the Top Cryptocurrency

Price has been testing support at $3476 several times over the past week. Each test makes the level weaker with fewer buyers to hold the level on each retest. Price finally broke below this level today and looks likely to close below as traders are accepting prices below the level and not quickly bringing the […] Bitcoin [BTC] Price Action: Bearish Start to the Week for the Top Cryptocurrency was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

2019-1-28 18:04


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