When Will Bitcoin Make a Decisive Move?

When Will Bitcoin Make a Decisive Move?
фото показано с : beincrypto.com

2020-6-10 13:10

On June 10, the Bitcoin price moved in a range between $9,570-$9,870. Even though the price broke out from a short-term resistance line, this movement will likely have no ramifications for the longer-term trend.

Yesterday, the Bitcoin price broke out from a descending resistance line that had been in place since June 5. While the slope of the line is not entirely clear due to numerous long upper wicks, it is certain that the BTC price has broken out and validated the line as support afterward. The breakout occurred with a higher than average volume.

Bitcoin’s Confluence Of Supports

Prior to breaking out, the BTC price bounced at the minor $9,700 support area. This was preceded by a bullish cross of the 50 and 200-hour moving averages (MA), which are now offering support to the price. This is a bullish sign that suggests that the price is likely to move upwards, at least in the short-term.

Bitcoin Chart By Tradingview

However, this movement will likely have no bearing on the long-term trend, as was stated by @PostyXBT :

Your daily reminder that nothing has changed, yet.

The price would have to significantly break out from the $9,400-$10,100 range for a possible confirmation of the direction of the long-term trend.

Future Movement

A look at a slightly longer-term chart reveals that BTC is still trading below the 0.5 Fibonacci level of the June 1 increase, and this is its fourth attempt at breaking out. Additionally, this resistance area also coincides with the May 15-25 highs.

While a resistance/support area becomes weaker each time it is touched, a breakout from this level would be expected to take the price somewhere between the 0.618-0.765 Fib levels at $9,950-$10,100.

On the other hand, if a rejection occurs, similar to what happened in May, BTC would likely fall to the $9,450 support area once more. If that occurs, we would expect a breakdown to $9,000 or below.

Bitcoin Chart By Tradingview

To conclude, while the Bitcoin price is showing short-term bullish signs, the direction of the longer-term trend is still unclear. A breakout above $10,100 would suggest bullishness, while a decrease below $9,400 would be a sign of a bearish trend.

For our previous analysis, click here.

The post When Will Bitcoin Make a Decisive Move? appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 94277.04 (-0.06%)
Объем 24H $59.03b
Изменеия 24h: 10.05 %, 7d: -1.69 %
Cегодня L: $93801.66 - H: $94773.34
Капитализация $1869.645b Rank 1
Цена в час новости $ 9754.89 (866.46%)

price bitcoin line short-term out movement resistance

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