Bitcoin (BTC) Price Watch: Last Chance for Bulls?

2018-8-6 07:12

Bitcoin Price Key Highlights

Bitcoin price is in the middle of a larger correction to the area of interest previously highlighted. If support holds, bitcoin could recover to the Fibonacci extension levels marked on the 4-hour time frame. Technical indicators appear to be suggesting that there’s still a chance for bulls to charge at these levels.

Bitcoin price is making a deeper correction from its earlier rally, and technical indicators suggest that the climb could resume.

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This basically means that it’s more likely for the uptrend to resume than to reverse. However, bitcoin price is below the 200 SMA dynamic inflection point to signal weaker bullish pressure.

Price is still within the area of interest or former resistance around $6,800 to $7,000, which might hold as support from here. A rising trend line can also be drawn to connect the lows since the third week of July.

RSI is already turning higher after indicating oversold conditions and showing a bit of bullish divergence. This means that buyers are ready to return and push bitcoin price back up. The 38.2% extension is near the 100 SMA dynamic inflection point at $7,826 then the 61.8% extension lines up with the swing high near $8,500.

Stronger bullish momentum could take bitcoin price up to the 78.6% extension at $8,827 or the full extension at $9,357. Stochastic is also starting to climb out of the oversold region, also indicating a pickup in buying pressure.

BTCUSD Chart from TradingView

Bitcoin price took some hits after Starbucks clarified that it is not accepting bitcoin payments in stores, even after partnering with ICE for a digital platform called Bakkt. Traders could continue to hold out for the next set of major updates to determine whether a bounce or a break is due at these levels.

The post Bitcoin (BTC) Price Watch: Last Chance for Bulls? appeared first on NewsBTC.

origin »

Bitcoin (BTC) на Currencies.ru

$ 97843.65 (+0.02%)
Объем 24H $48.863b
Изменеия 24h: 1.89 %, 7d: 0.62 %
Cегодня L: $97009.48 - H: $98086.71
Капитализация $1939.598b Rank 1
Цена в час новости $ 6999.38 (1297.89%)

bitcoin price bulls chance btc watch appear

bitcoin price → Результатов: 126


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30