Bitcoin Retraces After Being Rejected Below $11,000

2020-9-29 11:22

The Bitcoin (BTC) price is approaching a crucial resistance area at $11,150 but was rejected prior to getting there.

After a short-term decrease, BTC is expected to make another attempt at breaking out.

Bitcoin Approaches Resistance

The Bitcoin price has been following a descending resistance line since it reached a local high of $12,473 on Aug 17. BTC has validated this resistance twice since.

The price is currently approaching this resistance line once again. The line also coincides with the $11,150 area, which previously acted as support but turned to resistance on Sept 19.

A breakout above this resistance line and the $11,150 area would confirm that the trend is bullish.

BTC Chart By TradingView

The shorter-term chart shows that the price was twice rejected by the 0.786 Fib level of the previous decrease at $10,955 and has begun to retrace.

The $10,550 area is expected to provide support since it’s both the 0.5 Fib level of the entire upward move and a previous resistance area. As long as this zone holds, the possibility of continuation remains high.

BTC Chart By TradingView Wave Count

It is likely that on Sept 9 BTC began a bullish impulse (shown in orange below). It looks to have already completed waves 1 and 2 and has likely begun the third.

Preliminary targets for the top of the third wave are found at $12,180, $12,880, and $13,380 (the 1.61, 2.27, and 3.61 Fib levels of sub-wave 1).

The sub-waves are shown in blue in the chart below:

BTC Chart By TradingView

The sub-wave count shows that BTC is currently correcting in sub-wave 2, which is transpiring inside an A-B-C formation (shown in red below). The formation is expected to end between the 0.5 and 0.618 Fib levels between $10,450-$10,550, but its exact shape depends on if the A portion has three or five waves.

BTC has yet to reach the 1.382 Fib time level (shown in blue), so it’s unlikely that the corrective period has ended.

BTC Chart By TradingView

To conclude, while it is likely that BTC has begun an upward move, a short-term correction is expected before the price continues upwards.

For BeInCrypto’s previous Bitcoin analysis, click here!

The post Bitcoin Retraces After Being Rejected Below $11,000 appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95341.49 (-0.76%)
Объем 24H $48.744b
Изменеия 24h: -0.60 %, 7d: -8.90 %
Cегодня L: $93809.27 - H: $96192.24
Капитализация $1888.77b Rank 1
Цена в час новости $ 10741.79 (787.58%)

bitcoin btc rejected out breaking short-term getting

Источник: beincrypto.com

bitcoin btc → Результатов: 126


Фото:

Bitcoin Rally Set To Extend? Expert Foresees A $110,000 Price Target For BTC

The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]

2024-12-17 17:30


3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC)

The crypto market has witnessed a number of tokens rallying toward new all-time highs (ATHs), including notable players like Bitcoin (BTC) and Tron (TRX). Despite some setbacks, such as the US government transferring nearly $2 billion worth of Bitcoin, BTC has remained resilient, triggering a massive impulsive move that saw it reach an ATH of […] The post 3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC) appeared first on CoinJournal.

2024-12-15 21:58


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum (ETH) Weekly RSI Falls to New All-Time Low

Ethereum (ETH) has reclaimed a short-term support level and in the process created its first higher low since June 18. The post Ethereum (ETH) Weekly RSI Falls to New All-Time Low appeared first on BeInCrypto.

DASH Heads Toward Resistance After Reclaiming Range Low

The Dash (DASH) price has reclaimed an important support level after briefly deviating below it. While DASH/USD is expected to increase toward the resistance areas outlined below, the DASH/BTC pair is expected to continue decreasing.

Bitcoin Adds 10% In a Day, Reaches Long-Term Resistance

The Bitcoin (BTC) price created a bullish engulfing candlestick on Nov 5, reaching a high of $15,570 to mark a 10% gain for the day. While the price has reached an important resistance area that could act as the top, there are no signs of weakness yet in the trend.

OCEAN Falls Back to Support and Shows Strength

The Ocean Protocol (OCEAN) price is in the process of validating an important area as support. As long as the price is trading above this level, the trend is considered bullish. On the contrary, the OCEAN/BTC pair looks bearish unless it can break out above a descending resistance line that’s been holding it back.