Bitcoin Price Holds in Range: Can Bulls Launch a Recovery?

2024-8-29 05:48

Bitcoin price started a consolidation phase near the $58,500 level. BTC must clear the $60,500 resistance to start a recovery wave in the near term.

Bitcoin tested the $58,000 zone before there was a minor recovery. The price is trading below $62,000 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance at $60,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might slip again if there is no move above the $60,500 resistance. Bitcoin Price Starts Consolidation

Bitcoin price gained bearish momentum below the $62,500 level. The price even dived below the $60,000 level. Finally, the bulls appeared near the $58,000 level.

A low was formed at $58,009 and the price is now consolidating losses. There was a minor recovery wave above the $58,500 and $58,800 levels. The price tested the 23.6% Fib retracement level of the downward wave from the $65,070 swing high to the $58,009 low.

Bitcoin is now trading below $61,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $59,650 level. The first key resistance is near the $60,000 level. There is also a major bearish trend line forming with resistance at $60,200 on the hourly chart of the BTC/USD pair.

A clear move above the $60,200 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,500. It is close to the 50% Fib retracement level of the downward wave from the $65,070 swing high to the $58,009 low.

A close above the $61,500 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.

More Downsides In BTC?

If Bitcoin fails to rise above the $60,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,550 level.

The first major support is $58,000. The next support is now near the $57,650 zone. Any more losses might send the price toward the $56,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $58,550, followed by $58,000.

Major Resistance Levels – $60,200, and $61,500.

origin »

Bitcoin (BTC) на Currencies.ru

$ 82075.77 (+0.22%)
Объем 24H $29.246b
Изменеия 24h: -1.63 %, 7d: -7.23 %
Cегодня L: $80441.76 - H: $82217.47
Капитализация $1628.11b Rank 1
Цена в час новости $ 59759.13 (37.34%)

bitcoin recovery near 500 price wave start

Источник: newsbtc.com

bitcoin recovery → Результатов: 126


Фото:

Markets Update: Crypto-Capitulation Causes Uncertainty Toward Year End Prices

All eyes have been glued to cryptocurrency markets over the last week as a great majority of digital asset values plummeted to their lowest prices since last year. There’s been a slight price recovery and some consolidated sideways action taking place as some market observers have noted an attempt to reverse the trend may be […] The post Markets Update: Crypto-Capitulation Causes Uncertainty Toward Year End Prices appeared first on Bitcoin News.

2018-11-23 21:55


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Faces Tough Resistance: A Breakout In The Cards?

Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.