Bitcoin / USD Technical Analysis: Descending To A New Bottom

Bitcoin / USD Technical Analysis: Descending To A New Bottom
фото показано с : cryptobriefing.com

2019-2-7 17:41

In the short-term, Bitcoin is bearish and range-bound trading inside a descending price channel The Medium-term outlook for the number one crypto is starting to turn more bearish The Daily time frame shows that the BTC / USD pair has broken below a large descending triangle pattern BTC / USD Short-term price analysis

 

Bitcoin remains bearish in the short-term with the number one cryptocurrency range-bound inside a descending price channel across the lower time frames.

Downside pressure is currently building as the BTC / USD pair drifts towards its current 2019 trading low on relatively depressed trading volumes.

Traders should watch for a sustained break of the $3,300 to $3,600 price range as it will likely trigger the next directional move in the BTC / USD pair.

 

Pattern Watch

The descending price channel on the four-hour time frame is currently defining trading action for the BTC / USD pair. There is a high probability that traders will continue to scalp the range inside the price channel until a clear channel breakout has been confirmed.

 

 

BTC / USD H4 Chart                                                                         (Source: TradingView)

 

 

MACD Indicator

The MACD indicator on the mentioned time frame is currently neutral and providing no clear trading signal.

 

RSI Indicator

The Relative Strength Index indicator is slightly bearish, although recent selling momentum appears to have stalled.

BTC / USD Medium-term price analysis

 

Bitcoin is bearish over the medium-term and currently trades below a large descending triangle on the daily time frame. Substantial downside could be on the horizon for the BTC / USD pair, given the overall bearish trend present and bleak technical outlook.

The late December rally in Bitcoin has largely fizzled out, with the number one cryptocurrency continuing to erode a substantial portion of recent gains.

At present, selling momentum is lacking follow through after the pair’s break from the well-defined descending triangle pattern. Traders should watch for losses below the BTC / USD pair’s 2018 trading low as a point trigger for technical selling.

 

Pattern Watch

Aside from the large Descending triangle pattern, daily price closes under the BTC / USD pair’s 2018 trading low should be watched closely.

 

 

BTC / USD Daily Chart                                                                         (Source: TradingView)

 

 

MACD Indicator

The MACD indicator is almost entirely flat on the daily time frame, largely due to the prolonged period of price consolidating in the BTC / USD pair and extremely narrow trading ranges.

 

RSI Indicator

The Relative Strength Index is slightly bearish, and has further scope for the BTC / USD pair to run lower before becoming oversold.

 

Key Levels To Watch

Key near-term support is currently found at the $3,300 and $3,200 levels. A move below the $3,000 level would likely heighten technical selling toward the $2,650 to $2,500 support regions.

A break above the $3,660 level may provide some short-term relief for the BTC / USD pair. Key resistance above the $3,660 level is found at the $3,960 and $4,200 levels.

Conclusion

Bitcoin is bearish in the short and medium-term and may soon test towards its 2018 trading low.

Traders should watch the descending price channel on the lower time frames, as it will provide a solid indication of Bitcoin’s next strong directional move.

 

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Bitcoin
(BTC) Price $3,405.65 Market Cap $59,666,657,342.03 #ccpw-ticker-24557 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24557 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24557 a.tabperiods.tabperiods_active, #ccpw-ticker-24557 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24557 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24557 .coin-container:after, .ccpw-container_four #ccpw-ticker-24557 .coin-container:after {border-color:#ccc !Important;}

 

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new bitcoin descending bottom analysis usd technical

new bitcoin → Результатов: 126


Would Bitcoin Reclaim $70,000 Soon? Key Data Suggests New Investors Hold the Key

Bitcoin recent decline has led to a slight pushback in investor confidence and increased anticipation within the crypto community, with many now craving a rally back above $70,000 more than before. Amid this, a new analysis suggests that although the Bitcoin market could be on the brink of a major breakout, it hinges on a major indicator that concerns new investors.

2024-10-25 05:30


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Bitcoin Adoption Bounces Back: New Addresses Up 35% Since June Bottom

On-chain data shows the Bitcoin network is finally witnessing a major influx of new users after hitting multi-year lows in adoption earlier in the year. Bitcoin New Addresses Has Reversed Trend Since June Bottom According to data from the market intelligence platform IntoTheBlock, Bitcoin has been seeing growth in daily new addresses recently. A “new […]

2024-8-1 13:30


Bitcoin Cash (BCH) and Chainlink (LINK) holders discover new token with potential upto 2000% ROI

As the crypto market enters a new phase of growth, investors holding Bitcoin Cash and Chainlink look to capitalize on a fresh opportunity. This new presale token is catching the eye of the crypto commThe post Bitcoin Cash (BCH) and Chainlink (LINK) holders discover new token with potential upto 2000% ROI appeared first on AMBCrypto.

2024-5-5 13:45


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Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s Behind This Trend?

On-chain data shows the new whale entrants in the Bitcoin market now hold almost twice as much as the veterans. Here’s what could be behind this shift. Bitcoin Newbie Whale Holdings Have Been Rapidly Growing Recently In a new post on X, CryptoQuant founder and CEO Ki Young Ju has discussed about how the holdings of the new whales compares against the old ones in the market right now.

2024-4-24 20:00


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Aave Founder To Build “Twitter on Ethereum” Following Jack Dorsey’s Plan to Bring DeFi to Bitcoin

On July 16, CEO of Square, Jack Dorsey revealed his plans to build a new initiative for offering financial services on Bitcoin. Here is how he described this new business: “Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making […]

2021-7-20 19:45