Impending Bitcoin Breakout Could Take Price Back Over $10,000

Impending Bitcoin Breakout Could Take Price Back Over $10,000
фото показано с : beincrypto.com

2020-6-18 12:10

The Bitcoin price experienced a relatively volatile trading day on June 17, initially decreasing considerably to reach a low of $9,236. However, the lower prices were bought up, creating a long lower-wick in the process.

This is a bullish sign that suggests Bitcoin is likely to break out form both its short and long-term trading patterns.

Bitcoin Descending Resistance

Since reaching a local high of $9,589 on June 16, the Bitcoin price has been decreasing, possibly following a descending resistance line. This was especially visible late on June 17, when the price made an attempt at breaking out, only to be rejected by the resistance line and created a long upper-wick.

The decrease continued until $9,236, when the price bounced on the 0.5 Fibonacci level, creating a thrusting candlestick pattern with above-average volume. This move took the price to this descending resistance line once more.

However, the price is facing resistance from both the 50 and 200-period moving averages (MA). A breakout above $9,460 would indicate a movement above both these MAs, and the descending resistance line, confirming that an upward trend has already begun.

Bitcoin Chart By Tradingview Daily Outlook

The daily chart reveals that Bitcoin is most likely trading inside a descending wedge since June 1, currently being right below its resistance line. Therefore, a breakout above the short-term line outlined in the previous section could also make for a breakout from this longer-term pattern.

The daily chart also indicates that BTC is likely to break out. A trend reversal possibly occurred on June 15, when the price created a bullish hammer with very significant volume and bounced on the 50-day MA. In addition, the RSI has found support above the 50-line and looks primed to move upwards.

Bitcoin Chart By Tradingview

To conclude, the Bitcoin price is following a descending resistance line, out of which a breakout is expected. This could also cause a breakout from the long-term descending wedge to take the price back towards $10,000.

For our previous analysis, click here.

The post Impending Bitcoin Breakout Could Take Price Back Over $10,000 appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 97721.97 (+0.25%)
Объем 24H $27.196b
Изменеия 24h: 1.60 %, 7d: 1.83 %
Cегодня L: $96101.31 - H: $97721.97
Капитализация $1937.513b Rank 1
Цена в час новости $ 9413.84 (938.07%)

price bitcoin however lower 236 reach low

price bitcoin → Результатов: 126


Bitcoin Price Holds Above $96,000 — Analyst Explains This Level’s Significance

The Bitcoin price appears to have settled within the $92,000 – $102,000 consolidation range, sparking discussions about the coin’s future trajectory. While it remains unclear whether the premier cryptocurrency has enough momentum to forge new all-time highs soon, it would take significant bearish pressure to pull down the BTC price.

2025-2-9 16:00


Bitcoin Price Struggles With Liquidity Blocks From $86,000 To $104,000, Analyst Reveals The Logical Thing To Do

The Bitcoin price has spent the majority of the past seven days consolidating around the $94,000 mark with signs of a break to either side. According to a crypto analyst, Bitcoin’s recent price movements have led to the creation of liquidity blocks observed between the $86,000 to $104,000 range, which raises an equal likelihood of a bounce towards $104,000 or a downside break to $86,000 from the current price.

2025-1-13 14:00


Bitcoin price analysis: economic headwinds push price lower

Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern Spot crypto ETFs logged large outflows on Wednesday following the release of the Fed meeting notes Bitcoin’s price has fallen from a high […] The post Bitcoin price analysis: economic headwinds push price lower appeared first on CoinJournal.

2025-1-11 17:48