Will Bitcoin Be Able to Move Above this Important Moving Average?

Will Bitcoin Be Able to Move Above this Important Moving Average?
фото показано с : beincrypto.com

2020-4-9 11:35

On April 6, the Bitcoin price created a bullish engulfing candlestick and moved above several important resistance levels, including the yearly open. The rally has stalled, however, since reaching the 50-day moving average (MA).

Bitcoin Daily Levels

The BTC price has increased significantly since reaching a low on March 13, creating at least four higher-lows. This is a sign indicating that the price is in a bullish trend.

Looking at the daily chart, we can see that BTC created a bullish engulfing candlestick on April 6 and moved above the main resistance level at $6,850. The increase has been continuing and the price has also moved above the yearly open.

However, the rally stopped once the price reached the 50-day MA, which it has yet to flip as support. If it is successful in doing so, the next resistance level up is found at $7,750.

Bitcoin Chart By Trading View Short-Term Perspective

In the short-term, the price is following an ascending support line and has been doing so since March 30. However, it also seems to have created a short-term symmetrical triangle, which is considered a neutral pattern. Since it is occurring while the price is in an upward trend, a breakout from this pattern is expected.

Even if the price breaks down, it would be very likely if it found support at $7,100, a confluence of both a significant support level and the ascending support line. Therefore, a breakdown from the short-term triangle would not necessarily mean that the upward trend has ended.

Bitcoin Chart By Trading View

The proposed breakout would also take the price towards the resistance line of the ascending wedge it has been trading in since reaching the March 13 bottom.

If so, the price would likely complete the fifth and final wave of an Elliott formation, after which a breakdown would be expected.

Bitcoin Chart by Trading View

A strong movement above $7,800 would invalidate the wedge formation and indicate that the price is not yet done moving upwards. At the time of writing, this does not seem likely.

To conclude, the BTC price is trading inside a short-term symmetrical triangle and a longer-term ascending wedge. A breakout from the triangle would likely take the price to the resistance line of the ascending wedge.

For those interested in BeInCrypto’s previous Bitcoin analysis, click here.

The post Will Bitcoin Be Able to Move Above this Important Moving Average? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95556.64 (-0.49%)
Объем 24H $48.895b
Изменеия 24h: -0.65 %, 7d: -8.75 %
Cегодня L: $93809.27 - H: $96192.24
Капитализация $1892.019b Rank 1
Цена в час новости $ 7310.05 (1207.2%)

important average above moving bitcoin open rally

important average → Результатов: 48


Фото:

Out of Testnet and Into Alpha: Lightning Labs’ Desktop Application Is Live

Lightning Labs just released an alpha version of its Lightning Network wallet. The desktop application is now compatible with Bitcoin’s mainnet and it leverages Neutrino (the protocol, not the analytics company acquired by Coinbase) to give users a lightweight option to “control their own funds,” as opposed to running a full node or trusting a third party to play custodian.

2019-4-24 01:38


ICX / USD Price Analysis: Important Test

ICON retains a bullish short-term outlook, with the cryptocurrency still trading above its 200-period moving average on the four-hour time frame The four-hour time frame also shows price pressing towards the neckline of bullish inverted head and shoulders pattern The medium-term time frame is neutral, with the ICX / USD pair trading at the top […] The post ICX / USD Price Analysis: Important Test appeared first on Crypto Briefing.

2019-4-23 16:35


Фото:

Bitcoin Price Has Maximum $22K Potential By End Of 2018, Says Tom Lee

Bitcoin could end 2018 at $22,000, Fundstrat Global Investors analyst Tom Lee repeated in new predictions about the end of the cryptocurrency bear market October 19. Lee: 200-day MA ‘Very Important’ Speaking during an interview with social media blog Crypto Tips, Lee, who is known for his bullish stance on Bitcoin in particular, highlighted the 200-day moving average price trend as a key factor in determining its future performance.

2018-10-24 18:00


Фото:

On Radical Markets

Recently I had the fortune to have received an advance copy of Eric Posner and Glen Weyl’s new book, Radical Markets, which could be best described as an interesting new way of looking at the subject that is sometimes called “political economy” - tackling the big questions of how markets and politics and society intersect.

2018-7-21 04:03