Markets Back Under Pressure as Bitcoin Gets Rejected From Key Trendline

2019-12-3 17:11

The cryptocurrency market came back under downside pressure on Monday as Bitcoin and other major cryptocurrencies gave back a significant portion of their late-November trading gains.

Bitcoin is trading below the $7,300 level, following a major technical rejection from trendline resistance on the daily time frame, located around the $7,865 level.

Bitcoin SV and Stellar are the worst performing altcoins in the top 10 as both suffer intraday losses of three and four percent respectively.

The total cryptocurrency market capitalization is $191 billion, a loss of nearly 7.5 percent since last Friday. 

Bitcoin

Bitcoin incurred heavy technical selling after moving to the top of a large falling wedge pattern on the daily time frame. BTC/USD bulls moved the price to test the top of falling wedge, after sellers failed to break under the wedge last Monday.

The number one cryptocurrency did, however, manage to close the weekly price above its 52-week moving average. A bullish reversal candle was formed in the process.

Going forward, daily price closes above the $7,300 level should be considered bullish and may encourage buyers to test towards the top of falling wedge once again.

BTC/USD Daily Chart by TradingView Total Market Capitalization

The daily time frame chart of the total market capitalization is almost a perfect copy of BTC/USD, showing that the price is similarly trapped inside a large falling wedge.

The inability to break from the wedge has placed the market back under pressure. At this stage, a recovery back above $200 billion is needed to improve sentiment.

The $182 and $170 billion are the foremost areas of technical support this week, while the $205 and $208 billion level offer key technical resistance.

Crypto Total Market Cap Daily Chart by TradingView Overall Sentiment

According to the latest data from The TIE, sentiment toward the entire cryptocurrency market remains neutral, at 53 percent.

Bitcoin Cash has the weakest sentiment among the top 10 cryptocurrencies at 40.50 percent. Meanwhile, EOS has the strongest at 64 percent.

The post Markets Back Under Pressure as Bitcoin Gets Rejected From Key Trendline appeared first on Crypto Briefing.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95284.41 (+0.53%)
Объем 24H $42.834b
Изменеия 24h: -1.84 %, 7d: -9.03 %
Cегодня L: $94782.14 - H: $95637.28
Капитализация $1886.615b Rank 1
Цена в час новости $ 7381.26 (1190.9%)

bitcoin back level major trendline pressure trading

Источник: cryptobriefing.com

bitcoin back → Результатов: 126


Bitcoin slides off Fed meeting before bouncing back, but what next?

Key Takeaways Federal Reserve hikes 25 bps, Bitcoin drops over 6% Bounceback in prices follow, however, as market bets on rate cuts down the line Bitcoin originally fell to $26,700 and is now back at $27,700 Tight monetary policy appears to be coming to a close, which is exactly what Bitcoin investors want to hear […] The post Bitcoin slides off Fed meeting before bouncing back, but what next? appeared first on CoinJournal.

2023-3-23 17:14


Will Bitcoin bounce back? Why 2022’s pain is different to anything previously

Key Takeaways Bitcoin has closed the year down 64%, its worst year since 2018 This bear market is different, as for the first time ever in Bitcoin’s existence, the wider economy is also pulling back Bitcoin’s correlation with the stock market is extremely high, proving it trades like a high-risk asset Fans will hope this […] The post Will Bitcoin bounce back? Why 2022’s pain is different to anything previously appeared first on CoinJournal.

2023-1-4 15:05


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bank of England leaves rates unchanged amid rising inflation

The BoE's decision to hold rates amid rising inflation may signal prolonged economic caution, impacting consumer spending and market stability. The post Bank of England leaves rates unchanged amid rising inflation appeared first on Crypto Briefing.