Bitcoin Price On The Mend After 17% Weekend Correction

Bitcoin Price On The Mend After 17% Weekend Correction
фото показано с : bitcoinist.com

2019-7-16 08:37

After a 17% pullback Bitcoin price bulls appear to be fighting to retake $11000 but will they succeed?

Bitcoin Price In Bullish Uptrend

On Monday Bitcoin price reversed course and added 12.5% as an attempt to make up for the weekend’s steep 17% drop from $11,500. The sell-off appeared to be the result of exhausted buyers losing steam after the second rejection at $13,215 and many traders openly expressed concern than Bitcoin’s weekly close was in peril could have accelerated selling.

From a short-term perspective, it appears that Bitcoin was in dire straits but a glance at the daily and weekly chart tells a slightly different story.  Scott Melker, a crypto trader at Txwestcapital, tweeted a series of charts which according to him show Bitcoin resting comfortably in a bullish uptrend. In the tweet, Melker reminds traders that BTC is still above $10000 and this is still three times above the February 2019 bottom. 

Considering that Bitcoin has been in a parabolic trend since April, a strong pullback was clearly on the cards and Melker says that observing BTC’s price action on a wider time frame should put traders at ease. 

Take the Bird’s Eye View Of The New “Bull Market”

Crypto trader Hannes Gruschinski appears to concur with Melker and his recently posted Bitcoin price log chart shows what he describes as the “beginning of a new bull market.” Gruschinski claims that for the 3rd time in its trading history the 200 DMA is overtaking the 350 DMA which signals the start of a new long-term uptrend. 

According to Gruschinski’s chart, Bitcoin could max out around $30,000 before sharply retracing in preparation for the halving in May 2020. While there were some who disagreed with the chart, Fundstrat lead analyst Thomas Lee commended Gruschinski for his accuracy and appeared to endorse the chart and its conclusion. 

After a nearly $1,000 bounce, Bitcoin currently trades at $10,800 after topping out at $11,032 on Coinbase. It’s likely that BTC will need to pull back to $10,500 – $10,600 over the next 12 hours before attempting to move higher. A move above $11,500 would confirm a double bottom reversal and likely see bulls attempt to re-enter the $12,000 to $12,500 range. 

Do you think the Bitcoin price will reach $20,000 before the end of 2019? Share your thoughts in the comments below! 

Images via Shutterstock, Tradingview, Twitter: @scottmelker, @fundstrat

The post Bitcoin Price On The Mend After 17% Weekend Correction appeared first on Bitcoinist.com.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97070.07 (-0.49%)
Объем 24H $97.364b
Изменеия 24h: 2.49 %, 7d: 9.74 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1920.575b Rank 1
Цена в час новости $ 10164.01 (855.04%)

bitcoin price weekend mend correction rejection 215

bitcoin price → Результатов: 126


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


Here’s What To Expect From The Bitcoin Price In November After Breaking Above $70,000

The Bitcoin price is back above $70,000 for the first time in four months, with the ‘Uptober’ rally eventually happening as the month ends. This looks to be the start of significant price rallies for the flagship crypto as the market heads into November, which is also historically bullish. What To Expect From The Bitcoin […]

2024-10-30 19:30


Фото:

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin (BTC) is showing the first signs of positive price momentum since June, as it attempts to convincingly break the $69,000 price zone and shift to a “euphoric bull market.” According to Glassnode’s latest “Week Onchain Newsletter,” the recent rally has seen Bitcoin’s spot price break through key technical and on-chain price levels, pushing many […] The post Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode appeared first on CryptoSlate.

2024-10-24 00:38


Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

2024-10-22 22:30


Bitcoin Price To $95,000? Here’s What Needs To Happen First

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.

2024-10-18 13:00


Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align

Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming rally of at least 60% for the Bitcoin price in his latest technical analysis. The seasoned analyst has identified a pattern across three critical technical indicators that have historically signaled major upward price movements when all aligned.

2024-10-18 11:30