Bitcoin Eyes $41,000-Retest as Two Indicators Confirms Bull Run

Bitcoin Eyes $41,000-Retest as Two Indicators Confirms Bull Run
фото показано с : newsbtc.com

2021-1-29 16:02

Bitcoin bulls should brace for a wild upside run towards $41,000.

According to Scott Melker, crypto trader and host of WOAS Podcast, the cryptocurrency’s sharp rebound from $32,000 to above $38,000 confirmed two textbook bullish reversal indicators: Double Bottom and Falling Wedge.

Bitcoin Double Bottom

Starting with the Double Bottom, Mr. Melker highlighted two consecutive troughs in the Bitcoin four-hour (4H) chart, with a moderate peak in between. Such a structure points to repeated downside rejection by bears. Meanwhile, its vitality goes up if an asset bounces back from the second trough to close above the previous peak level.

Bitcoin has closed above the Double Bottom target—the pink line. Source: BTCUSD on TradingView.com Bitcoin has closed above the Double Bottom target—the pink line. Source: BTCUSD on TradingView.com

So it appears, Bitcoin did the same during its rally on Friday, leading Mr. Melker to see an extending upside rally to complete the Double Bottom scenario. Bitcoin almost achieved the bullish reversal target by hitting the pink line near $34,880, as shown in the chart above, awaiting confirmation with a four-hourly close.

“The pink line [stands] broken, double bottom to be confirmed with a close above,” Mr. Melker noted, nevertheless. “Target around 41K shown. Trading range EQ also broke, should target range highs.”\\

[Note: The Double Bottom target stands confirmed as of this press time.]

Falling Wedge

The other bullish reversal indicator, Falling Wedge, also hinted at a rally towards $41,000 or above after Bitcoin’s breakout move on Friday.

In retrospect, a Falling Wedge in an uptrend is a continuation pattern that occurs as the market contracts temporarily. The structure indicates the resumption of the uptrend. Again, this means that traders can look for potential buying opportunities when the price closes above the Pattern’s upper trendline.

Bitcoin did the same today. The cryptocurrency also closed above $36,000, a level with a recent history of capping upside gains. It pointed to a renewed buying enthusiasm above crucial price floors, hinting that traders may want to aim the Rising Wedge breakout targets to the upside.

Bitcoin Falling Wedge pattern pointing to a rally towards $50,000. Source: BTCUSD on TradingView.com Bitcoin Falling Wedge pattern pointing to a rally towards $50,000. Source: BTCUSD on TradingView.com

Typically, an asset rises by as much as the maximum distance between a Wedge’s upper and lower trendlines. In Bitcoin’s case, the gap is more than $11,000-wide. That puts Bitcoin en route towards $50,000.

origin »

Bitcoin price in Telegram @btc_price_every_hour

Bitcoin (BTC) на Currencies.ru

$ 63852.35 (-0.26%)
Объем 24H $19.847b
Изменеия 24h: -0.65 %, 7d: 1.78 %
Cегодня L: $63648.58 - H: $64341.55
Капитализация $1279.409b Rank 1
Цена в час новости $ 38347.86 (66.51%)

bitcoin run indicators two sharp rebound cryptocurrency

Источник: newsbtc.com

bitcoin run → Результатов: 126


Bitcoin Bull Run: Past Its Prime, Or Poised For A Correction? Analyst Raises Eyebrows

Famed trader Peter Brandt has thrown a wrench into the gears of Bitcoin’s celebratory parade. In a recent analysis titled “Does history make a case that Bitcoin has topped?”, Brandt throws cold water on the idea of a limitless price surge, suggesting the cryptocurrency might be nearing the summit of its current bull run. Related […]

2024-4-28 16:30


Фото:

Record Breaking Unmoved Bitcoin Data Sparks Expectation of Imminent Bull Run

The amount of bitcoin that has not moved in over a year is at an all-time high. The last peak was in 2016, before the bitcoin bull run that saw the price spike to $20K. Several forecasting models have predicted that the price of bitcoin will reach $20K this year and the next bull run […] The post Record Breaking Unmoved Bitcoin Data Sparks Expectation of Imminent Bull Run appeared first on Bitcoin News.

2020-7-1 21:10


Фото:

Bitcoin Price Watch: Is Another Bull Run in Store?

At press time, bitcoin is trading for over $6,700. That’s roughly $400 more than where it’s stood over the past week, and many are wondering if a year-end bull run is at hand. Recently, the Securities and Exchange Commission (SEC) sought further industry help and commentary regarding the bitcoin ETF submitted by joint venture VanEck […] The post Bitcoin Price Watch: Is Another Bull Run in Store? appeared first on NullTX.

2018-9-22 21:09


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto fear just hit 13. Every time before, it marked a bottom

The Crypto Fear and Greed Index, the most widely watched gauge of market sentiment, has collapsed to 13. That reading sits deep in “extreme fear” territory, the zone where panic, capitulation, and despair dominate the market’s mood. Bitcoin is hovering…