Bitcoin (BTC) Fails to Sustain Upward Run, Price Falls Back Below $20,000

Bitcoin (BTC) Fails to Sustain Upward Run, Price Falls Back Below $20,000
фото показано с : beincrypto.com

2022-7-12 12:00

Bitcoin (BTC) has been trading inside a corrective pattern since June 18 and a breakdown from this channel could lead to new local lows.

Bitcoin has been decreasing underneath a descending resistance line since the end of March. The last time the resistance line caused a rejection was on June 7. This led to a long-term low of $17,622 on June 18. 

While the price increased slightly after this, it was rejected by the $21,700 horizontal resistance area and failed to reach the aforementioned descending resistance line. 

Furthermore, while the daily RSI initially broke out from its own descending resistance line, it has failed to validate it as support and is still below 50. As a result, there are no bullish reversal signs in place.

BTC/USDT Chart By TradingView Ascending parallel channel

The six-hour chart shows that BTC has been trading inside an ascending parallel channel since June 19. Such channels usually contain corrective movements and likely means that the underlying trend is bearish.

Additionally, the six-hour RSI has already broken down from its ascending support trendline, indicating that the price could soon do the same. A breakdown from the channel would be expected to lead to further lows.

BTC/USDT Chart By TradingView BTC wave count

The wave count suggests that the price is in the fifth and final wave of a downward move (yellow). The presence of the corrective channel makes it likely that it is a part of the last wave. 

Using the 0.382 length of waves 1-3, a breakdown could lead to a low near $16,725.

BTC/USD Chart By TradingView

The long-term wave count suggests that BTC has been completing an A-B-C corrective structure (red) since reaching an all-time high of $69,000. 

Giving waves A and C a 1:1 ratio would lead to a low of $12,100. So, the potential for continued downside movement is still immense.

BTC/USD Chart By TradingView

For Be[in]Crypto’s previous bitcoin (BTC) analysis, click here.

The post Bitcoin (BTC) Fails to Sustain Upward Run, Price Falls Back Below $20,000 appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 74942.57 (+0.08%)
Объем 24H $69.103b
Изменеия 24h: 0.49 %, 7d: 4.00 %
Cегодня L: $74544.69 - H: $76122.08
Капитализация $1482.286b Rank 1
Цена в час новости $ 19750.78 (279.44%)

bitcoin btc back below falls price fails

Источник: beincrypto.com

bitcoin btc → Результатов: 126


Bitcoin Price Fall Increases Buying Momentum, Pushes Exchange BTC Balances To 6-Year Lows

Following a major price decline in Bitcoin (BTC), market sentiment dropped back to strong levels of fear, indicating that investors are becoming increasingly cautious and risk-averse. Despite this trend, on-chain data analytics provider CryptoQuant has revealed a significant increase in BTC buying momentum, resulting in the Bitcoin balances on various exchanges dropping to six-year lows.

2024-10-6 07:00


Фото:

This Country Quietly Mined Over 13,000 BTC, Overtaking El Salvador’s Bitcoin Reserves

In a surprising development, Bhutan has significantly increased its Bitcoin holdings, surpassing El Salvador and establishing itself as a major player in the cryptocurrency world. According to data shared by crypto analytics firm Arkham Intelligence on Monday, the Himalayan kingdom now holds just over 13,000 BTC, valued at approximately $780 million. In addition to Bitcoin, […]

2024-9-18 22:55


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin (BTC) Price Analysis: Can It Hold Above the $20,000 Level?

The Bitcoin (BTC) price has kept traders and investors yearning for a significant move, but chances of steady price action or consolidation have weighed down market expectations. The post Bitcoin (BTC) Price Analysis: Can It Hold Above the $20,000 Level? appeared first on BeInCrypto.

Bitcoin (BTC) Price Risks Persist as Demand Wanes

A rather boring Bitcoin price action has left the market hoping for some swift moves, but BTC could make participants wait a bit more before any good news pops up.  The post Bitcoin (BTC) Price Risks Persist as Demand Wanes appeared first on BeInCrypto.