Bitcoin Analysis for 2020-01-15 [Premium Analysis]

Bitcoin Analysis for 2020-01-15 [Premium Analysis]
фото показано с : beincrypto.com

2020-1-15 14:10

\nBitcoin Price Highlights The Bitcoin price is trading inside an ascending wedge. It has reached the resistance line of its descending channel. The price has possibly finished a five-wave Elliott formation. There is a bearish divergence in both the RSI and MACD. The price has almost reached the 200-day moving average (MA). Bitcoin’s Ascending Wedge

The Bitcoin price is likely trading inside an ascending wedge, which is considered a bearish pattern. The price has reached the resistance line of the wedge, which also coincides with the resistance of the long-term channel, making it a very likely place for the top of the current movement.

In addition, the price created a large bearish candlestick with an upper wick. But, it has yet to close below the previous bullish candlesticks opening price, which would confirm that the top has been reached.

The price movement closely resembles a five-wave Elliott formation. It seems that the price has just finished the fifth wave. What could follow is an A-B-C correction, with the A wave bouncing on the support line while the C-wave constitutes a breakdown.

This possibility is supported by the strong bearish divergence in both the RSI and the MACD. A likely target for the breakdown would be between $7,600-$7,800.

Moving Averages

The daily chart reveals that the price has just reached the 0.382 fib level of the previous decrease. Additionally, the position of the 200-day MA further strengthens the overhead resistance of the line and makes it unlikely that the price will break out immediately.

However, yesterday’s bullish engulfing candlestick shows that the price has broken out above the previous resistance without any trouble. A breakout above the resistance line and the MA would confirm that the downward trend that began on June 24, 2019, has ended.

To conclude, the Bitcoin price has reached the resistance line of the ongoing downward trend. It seems most likely that the price will not be successful in breaking out this time around, and will retrace before making another attempt. The short-term outlook is bearish, while the medium and long-term forecasts remain bullish.

Good luck and happy trading! For our previous analysis, click here.

The post Bitcoin Analysis for 2020-01-15 [Premium Analysis] appeared first on BeInCrypto.

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bitcoin price analysis line descending channel formation

Источник: beincrypto.com

bitcoin price → Результатов: 126


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Bitcoin Short-Term Holders Capitulate As 22K BTC Flow To Exchanges

The price of Bitcoin succumbed to bearish pressure and fell to around $65,500 on Friday, while the geopolitical tensions between the United States, Israel, and Iran seem to worsen. According to a recent on-chain evaluation, this latest price decline appears to have been triggered by a panic-driven sell-off among the market’s most sensitive investor group.

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Bitcoin mining difficulty just hit a new all time high as hash rate climbs despite the price correction, proving miners are betting on long term recovery even as short term holders panic. But the bitcoin price news right now tells a different story, because BTC failed to reclaim key resistance and the drop below $67,000 […] The post Bitcoin Price News: BTC Downside Risk Grows While Pepeto Presale Hits $7.

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Bitcoin reveals a rare bullish cycle bottom signal before bouncing as futures bears tighten their grip

Bitcoin is flashing its most oversold signal on record amid its continued price struggles in this current macroeconomic environment and persistent exchange-traded fund (ETF) outflows. According to CryptoSlate data, BTC's price dipped to around $62,700 over the last 24 hours, while its weekly relative strength index (RSI) printed roughly 25.

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