Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal

2022-12-21 20:31

Bitcoin was steady below $17,000 on Tuesday

A crypto analyst suggests a crossing of price above the 200-day as a bull signal

Bitcoin still lacks a directional movement, and further decline is possible

Bitcoin (BTC/USD) traded slightly below $17,000 on Tuesday, initially losing an opportunity to claim $19,000. A technical outlook shows that BTC has successfully defended $16,000 against the bears, signalling a potential reversal zone. But as the price once again stabilises, one key analyst recommends that investors wait for a key bullish signal.

Renowned crypto trader and analyst Kaleo tells Bitcoin enthusiasts to wait for a classic technical indicator for a bull market. According to him, Bitcoin initiates a bull market each time the price crosses above the 200-day moving average. He says although his strategy is simple, it has been a signature indicator on the BTC chart in its last cycles. Kaleo tells his followers to remain patient until the key signal pops up. 

But the analyst holds the view that Bitcoin could fall further. He sees a scenario where BTC consolidates and then declines to another low in a bear market. Kaleo says a bullish spike could occur somewhere in June 2023.

BTC gets rejected at the 50-day MA 

BTC/USD Chart by TradingView

On the technical front, BTC is steadying after a correction. The price was rejected at the 50-day MA, with the cryptocurrency lacking a directional bias in a bear market. The RSI has again fallen below the midpoint, signalling the entry of bears or bull exhaustion. 

Applying the 200-day MA on the daily chart, BTC trades way below it. It could take several months to see the price crossing above it. 

Which way is the BTC price?

From the technical outlook, BTC price could struggle for a while before we see a sustained bullish surge. If, indeed, BTC will become bullish when the price crosses above the 200-day MA, then we could wait longer for it to happen. Still, there is no indication that the bear market is nearing an end, although bulls remain strong at $16,000.

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today Disclaimer

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy BTC with Coinbase today Disclaimer

The post Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 96359.83 (-1.06%)
Объем 24H $99.063b
Изменеия 24h: 1.58 %, 7d: 9.18 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1906.525b Rank 1
Цена в час новости $ 16851.01 (471.83%)

bitcoin below analyst tuesday possible decline movement

Источник: coinjournal.net

bitcoin below → Результатов: 126


Фото:

Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges

Since February, Bitcoin has fallen to its lowest price, breaking below $60,000 and hitting $56,900 as of press time. The price is now 23% below its recent pre-halving all-time high of $73,000. Data from Coinglass shows that Binance, the most liquid exchange for Bitcoin trading, has several buy walls in the order book down to […] The post Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges appeared first on CryptoSlate.

2024-5-1 11:42


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Coinbase will delist Wrapped Bitcoin (WBTC) next month

Coinbase will delist WBTC on December 19, 2024, due to unmet listing criteria. WBTC will be moved to limit-only mode, with withdrawals still accessible. Coinbase’s cbBTC, launched in September, has been gaining market share in wrapped Bitcoin.

Thumzup to add Bitcoin payments for gig economy workers

Thumzup will soon pay its gig workers via Bitcoin. The Nasdaq-listed media and marketing firm recently added BTC as a treasury asset. Thumzup, the media marketing company that recently adopted a Bitcoin (BTC) strategy with a $1 million purchase, has announced plans to add crypto payments for gig economy workers.