Bitcoin Bounces on Crucial Moving Average Yet Again

Bitcoin Bounces on Crucial Moving Average Yet Again
фото показано с : beincrypto.com

2020-6-25 13:45

The Bitcoin price decreased considerably on June 24, creating a bearish engulfing candlestick and erasing almost all of the gains made from the June 22 breakout.

However, the price is still trading inside a strong support area backed by the 50-day moving average (MA).

Current Bitcoin Support

The main support for Bitcoin is found at $9,250, slightly above the current price. The area has intermittently acted as resistance and support since May 14, and whether the price is trading above or below this level will likely be an important determinant of Bitcoin’s future trend.

Bitcoin is also trading right at the 50-day moving average (MA), which has recently supported the price. Furthermore, BTC is possibly following an ascending support line. Therefore, the confluence of support levels at the current price indicates that a breakdown below them would definitely confirm that the trend is bearish.

On the other hand, a bounce at these levels could create a bullish hammer candlestick similar to the one created on June 15.

BTC Chart By Tradingview

In the short-term, it seems that BTC is attempting to initiate a bounce, as evidenced by the long lower-wick with high volume. Furthermore, there is some bullish divergence in the hourly RSI.

If the price continues to move upwards, the closest resistance area is found between $9,400-$9,500, the 0.5-0.618 Fib levels of the entire downward move.

This movement would create the hammer discussed in the previous section.

BTC Chart By Tradingview Long-Term Movement

The weekly chart states that Bitcoin is still clearly bearish. The price has been following a descending resistance line since the December 2017 all-time high, currently touching it for the third time. Furthermore, it has created a weekly shooting star candlestick, which is normally a sign of a reversal following a prolonged upward move.

Until the price breaks out from this resistance line and area, the trend cannot be considered bullish.

If a reversal were to occur, due to the lack of support, BTC could decrease all the way to $7,050, the 0.5 Fib level of the entire upward move.

BTC Chart By Tradingview

For our previous analysis, click here.

The post Bitcoin Bounces on Crucial Moving Average Yet Again appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67826.54 (+0.02%)
Объем 24H $28.331b
Изменеия 24h: -0.72 %, 7d: -3.07 %
Cегодня L: $67649.64 - H: $68812.85
Капитализация $1336.855b Rank 1
Цена в час новости $ 9244.95 (633.66%)

bitcoin price average moving june still however

Источник: beincrypto.com

bitcoin price → Результатов: 126


Bitcoin Price Prediction: Expert Spotlights “Very Good” BTC Buying Opportunity Amid Ethereum (ETH) ETF Frenzy – Here’s His Outook

Bitcoin’s price trajectory remains a topic of intense speculation, with analysts closely monitoring market patterns and key events. In a video analysis, top analyst Crypto Rover delved into Bitcoin’s price trends, potential breakout scenarios, and the impact of the upcoming Ethereum spot ETF decision.

2024-5-20 18:30


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


Bitcoin (BTC) price prediction after breaching $72k

Bitcoin price forecast points to a possible $82,000. Ten days remain to the much anticipated Bitcoin halving event. Kangamoon, a new meme coin, has raised over $4M in its ongoing presale taking advantage of the crypto hype created by Bitcoin’s price surge Bitcoin (BTC) has been making significant waves in the cryptocurrency market, with its […] The post Bitcoin (BTC) price prediction after breaching $72k appeared first on CoinJournal.

2024-4-8 15:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru