Bitcoin Begins Retracement After Multiday Rally

2020-7-24 11:15

On July 23, the Bitcoin (BTC) price continued its upward move that began with a breakout on July 21.

The strength of the upward move looks intact, even as a short-term retracement is developing.

Bitcoin Meets Resistance

Yesterday, the Bitcoin price created another bullish candlestick that had wicks on both sides. This is the third consecutive bullish candlestick since the breakout on July 21.

The rally seems to have stalled at the 0.5 Fib level of the entire decrease that began on June 1. Using the Fib retracement tool on the most recent decrease, we see that the price has moved slightly above the 0.85 Fib level.

Since this is not a common reversal level, it’s likely that the price will eventually move above the June 22 high of $9,780.

The closest resistance area is found at $9,750, while the closest support area lies near the breakout level at $9,250. There is a minor horizontal support area at $9,420.

BTC Chart by Trading View

The hourly chart shows that the price has already begun to retrace after generating considerable bearish divergence in the hourly RSI.

While the price has begun to retrace, it seems to have found support above the 50-hour moving average (MA).

The most likely area for a reversal is found between $9,313 and $9,447. The former is the 0.618 Fib level of the recent increase and coincides with the 200-hour MA, while the latter is the 0.382 Fib level.

Volume has been much lower during the decrease, so it’s likely that this is just a retracement rather than the beginning of a new downward trend.

BTC Chart by Trading View Wave Count

The Bitcoin price has been increasing since July 17. The increase intensified on July 21, indicating that wave-3 has begun.

It seems that yesterday’s high was the top of this third wave, and the price has now begun a correction, currently completing wave A of an A-B-C formation.

The likeliest level for this correction to end would be near the 0.5 Fib level at $9,380, fitting closely with the support from the first section.

Since the second wave correction went deep (0.618 Fib), it would be expected for the current wave to be more shallow, hence a retracement towards the 0.382-0.5 Fib levels.

BTC Chart by Trading View

To conclude, the BTC price seems to have begun a small corrective period, which is expected to end near $9,400. Afterward, the price is likely to resume its upward movement and break out above $9,750.

For our previous analysis, click here.

The post Bitcoin Begins Retracement After Multiday Rally appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97815.63 (-0.24%)
Объем 24H $42.397b
Изменеия 24h: -0.74 %, 7d: 7.42 %
Cегодня L: $97633.19 - H: $98572.23
Капитализация $1935.445b Rank 1
Цена в час новости $ 9612.81 (917.56%)

bitcoin price move upward july retracement yesterday

bitcoin price → Результатов: 126


Фото:

Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder

The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 […] The post Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.

2024-11-13 17:39


Here’s What To Expect From The Bitcoin Price In November After Breaking Above $70,000

The Bitcoin price is back above $70,000 for the first time in four months, with the ‘Uptober’ rally eventually happening as the month ends. This looks to be the start of significant price rallies for the flagship crypto as the market heads into November, which is also historically bullish. What To Expect From The Bitcoin […]

2024-10-30 19:30


Фото:

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin (BTC) is showing the first signs of positive price momentum since June, as it attempts to convincingly break the $69,000 price zone and shift to a “euphoric bull market.” According to Glassnode’s latest “Week Onchain Newsletter,” the recent rally has seen Bitcoin’s spot price break through key technical and on-chain price levels, pushing many […] The post Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode appeared first on CryptoSlate.

2024-10-24 00:38


Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

2024-10-22 22:30


Bitcoin Price To $95,000? Here’s What Needs To Happen First

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.

2024-10-18 13:00


Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align

Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming rally of at least 60% for the Bitcoin price in his latest technical analysis. The seasoned analyst has identified a pattern across three critical technical indicators that have historically signaled major upward price movements when all aligned.

2024-10-18 11:30