Bitcoin (BTC) Readies for Yet Another Breakout Attempt

Bitcoin (BTC) Readies for Yet Another Breakout Attempt
фото показано с : beincrypto.com

2021-9-3 12:20

Bitcoin (BTC) resumed its ascent on Sept 3 but was rejected prior to reaching the $51,200 horizontal resistance area.

BTC has broken out from the short-term descending resistance line and is making another attempt at reaching this area.

BTC approaches resistance

On Sept 2, BTC made an attempt at moving above the $51,200 resistance area. However, it only managed to reach a high of $50,450 before creating a long upper wick and reversing. 

Technical indicators provide a mixed outlook. On the bearish side, the MACD has almost turned negative after generating considerable bearish divergence. Similarly, the RSI has also generated a bearish divergence. 

On the bullish side, the RSI is trying to invalidate the bearish divergence by creating a hidden bullish divergence (yellow), and the supertrend is also bullish. 

Therefore, there are readings that support both the bullish and bearish possibilities. 

However, the price action is still leaning on being bearish, since BTC is trading below the $51,200 area and has created several upper wicks, which are seen as signs of selling pressure.

BTC Chart By TradingView Future movement

Similar to the daily time frame, the six-hour chart also provides mixed readings. 

After BTC broke down from an ascending support line on Aug 26, it has made several attempts at reclaiming it but hasn’t been successful. 

In addition to this, the RSI is freely moving above and below 0, a sign of an undetermined trend. Also, while the MACD is positive, it has generated a bearish divergence.

Therefore, while indicators are mixed, the price action is still leaning on being bearish.

BTC Chart By TradingView

The two-hour chart, however, shows that BTC has already broken out from a descending resistance line and validated it as support after (green icon). The bounce also coincided perfectly with the 0.5 Fib retracement support level. 

Therefore, it seems likely that BTC will make another attempt at breaking out above the $51,200 resistance area. Currently, we cannot determine whether it will be successful or not.

BTC Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Bitcoin (BTC) Readies for Yet Another Breakout Attempt appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97809.77 (-0.23%)
Объем 24H $44.596b
Изменеия 24h: -0.97 %, 7d: 7.90 %
Cегодня L: $97692.84 - H: $98100.09
Капитализация $1935.31b Rank 1
Цена в час новости $ 50030.88 (95.5%)

bitcoin btc attempt breakout another readies yet

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


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) Wallets Cross 48 Million for the First Time

Bitcoin has hit another milestone in its rocky journey towards global mainstream adoption. Surpassing 2022 figures in the process. The post Bitcoin (BTC) Wallets Cross 48 Million for the First Time appeared first on BeInCrypto.