Will Bitcoin Test $10,000 Once More?

Will Bitcoin Test $10,000 Once More?
фото показано с : beincrypto.com

2020-6-25 15:18

After increasing considerably on June 22, the Bitcoin price decreased slightly the next day. It has just broken down from a symmetrical triangle but it seems likely to continue its upward movement.

At the time of writing, the BTC price had fallen under $9,400 after opening the day at $9,600. It is possibly finishing wave four of a five-wave Elliott formation.

Current Bitcoin Support

The Bitcoin price has been increasing since June 20, when it reached a high of $9,170. The movement since then resembles a five-wave Elliott formation, inside which the price is currently in the fourth wave. Furthermore, the price seems to be in the middle of an ascending parallel channel, making this a very likely place for the fourth wave to end.

A possible target for the end of the fifth wave would be at $9,980, which would be the length of the third wave projected at the bottom of the fourth.

Bitcoin Chart By Tradingview

Looking at a slightly longer period, we can see that there is a horizontal support/resistance zone around $9,540.

Furthermore, the 50 and 200-hour moving averages (MA) have made a bullish cross, and the price is trading above the latter. This makes it more likely that the price will reverse from the current level.

Bitcoin Chart By Tradingview Long-Term Movement

Looking at a slightly longer-term chart, we can see considerable resistance at $9,900 and $10,050. Furthermore, it is possible that the price is trading inside an ascending wedge, the resistance line of which will soon coincide with the $9,900 area.

Therefore, this would be the most likely reversal area, after which a breakdown from the ascending wedge would be expected.

Bitcoin Chart By Tradingview

To conclude, the Bitcoin price is trading inside a strong support area, which is expected to initiate a bounce towards $9,900.

For our previous analysis, click here.

The post Will Bitcoin Test $10,000 Once More? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 98348.57 (-0.02%)
Объем 24H $43.16b
Изменеия 24h: -0.23 %, 7d: 8.58 %
Cегодня L: $97633.19 - H: $98572.23
Капитализация $1945.715b Rank 1
Цена в час новости $ 9298.9 (957.64%)

bitcoin symmetrical broken triangle down seems upward

bitcoin symmetrical → Результатов: 96


Фото:

A Bitcoin Breakout could Carry BTC to a Crucial Resistance Level

The Bitcoin price has been gradually increasing since it reached a low of $8,910 on June 15. It is currently trading inside a symmetrical triangle, out of which a breakout is expected. After creating a bullish hammer with significant volume on June 15, the Bitcoin price has created another bullish candlestick, albeit much smaller and […] The post A Bitcoin Breakout could Carry BTC to a Crucial Resistance Level appeared first on BeInCrypto.

2020-6-18 14:35


Фото:

Bitcoin Breaks Out Above Resistance — Is $8,000 Just Around the Corner?

On April 1, the Bitcoin price initiated an upward move that caused it to break out above its descending resistance line and with it the symmetrical triangle it had been trading in since March 20. Bitcoin Price Breakout Last night, the Bitcoin price broke out from the possible symmetrical triangle it has been trading in […] The post Bitcoin Breaks Out Above Resistance — Is $8,000 Just Around the Corner? appeared first on BeInCrypto.

2020-4-2 12:53


Фото:

Bitcoin Price Analysis: Keep an Eye Out for a Close Above the Current High

Shortly after falling from its test of the low $4,000s, bitcoin managed to find support in the mid $3,500s. This has proven to be a relevant level over the last few months, and finding support here would be a sign of relatively strong demand:Figure 1: BTC-USD, Daily Candles, Local SupportThe high candle spread rejection following our test of the low $4,000s was an indication that we had strong levels of supply left in the market, but for the time being we are holding support.

2019-3-1 03:44


Фото:

Bitcoin Price Analysis: Bullish Rejection Wipes Out Bitcoin’s Weekend Gains

Over the weekend, a strong rally was stifled by an even stronger rejection as the bitcoin market was shoved into a band of overhanging resistance. This band of resistance has been mentioned several times in our analyses over the last few weeks as it has proven impossible to overcome for the time being:Figure 1: BTC-USD, Daily Candles, Failed BreakoutThis run to the low $4,000s coincided with a breakout of a rather large symmetrical triangle consolidation shown above.

2019-2-26 02:42


Фото:

Bitcoin Price Analysis: Bullish Setups Could Break Current Market Structure

The cryptomarket remains coiled as we lead into the weekend with no new highs and no new lows being established for bitcoin. However, it is nicely consolidating on lower time frames and hints toward the possibility of another leg up:Figure 1: BTC-USD, Hourly Candles, Consolidating PennantThe pattern shown in Figure 1 outlines a potential continuation pattern called a “bullish pennant.

2019-2-23 02:23


Фото:

Bitcoin Price Analysis: Consolidation Breaks Out Into Macro Resistance Test

Over the course of the last 10 days, bitcoin has managed to rally nearly 20% in value as it burst through two major resistance levels and is now beginning the test of a major macro level:Figure 1: BTC-USD, Daily Candles, Macro ResistanceWe can see a clear, descending supply-and-demand channel that governed the market for the last two months.

2019-2-20 01:38