Bitcoin Analysis for 2020-01-31 [Premium Analysis]

Bitcoin Analysis for 2020-01-31 [Premium Analysis]
фото показано с : beincrypto.com

2020-1-31 12:10

The Bitcoin price has broken out above a short-term ascending triangle. The breakout was short-lived and the price has been decreasing since reaching a high of $9,550.

Bitcoin Price Highlights The Bitcoin price broke out from an ascending triangle. The RSI predicts a downturn. It may be in the fifth, and final wave, of an Elliott formation. There is resistance at $9,600 and $11,100. There is support at $9,100.

Ascending Triangle

The Bitcoin price has been following an ascending support line since Jan 26. In the period of time after Jan 29, it also followed a horizontal resistance line, creating an ascending triangle in the process.

Yesterday, the price broke out from this triangle. Interestingly, it initially broke down prior to doing so, only to reverse immediately and create a considerably long lower wick in the process.

However, the breakdown was short-lived. After reaching a high of $9,550, the price reversed. Since then, it has decreased below the ascending support line.

Failure Swing Top

After generating bearish divergence, the two-hour RSI has successfully completed a failure swing top by moving below the valley between the two divergence highs.

But, it is still trading above the 50-line, something it has done since the creation of the ascending support line. The most likely move from here would be a validation of the RSI low (dashed line) followed by a decrease below the 50-line.

As for the price, this movement would initially cause the price to move upwards and validate this support line before falling to the closest support area at $9100.

Elliott Formation

The Bitcoin price is likely in the final wave of a five-wave Elliott formation.

In addition, we can see that the aforementioned ascending support line has traced the entire fifth wave, so the breakdown below it could indicate its completion. The price could decrease and validate the parabolic ascending support line before bouncing upward.

To conclude, Bitcoin has possibly completed the final wave of a five-wave Elliott formation. A correction back to the $9,100 level is likely.

For those interested in BeInCrypto’s previous Bitcoin analysis, click here.

The post Bitcoin Analysis for 2020-01-31 [Premium Analysis] appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66187.65 (-0.05%)
Объем 24H $13.948b
Изменеия 24h: 0.16 %, 7d: -4.48 %
Cегодня L: $66032.47 - H: $66232.54
Капитализация $1304.722b Rank 1
Цена в час новости $ 9302.42 (611.51%)

bitcoin price out ascending triangle analysis high

Источник: beincrypto.com

bitcoin price → Результатов: 126


Фото:

Bitcoin Slips Under $67,000: Can BTC Rely On This Historical Support Again?

Bitcoin has observed a plunge during the past day, taking the asset’s price under $67,000. Here’s the historical support level that the asset could visit next. Bitcoin Is Now Not Far From The Short-Term Holder Realized Price As analyst James Van Straten pointed out in a post on X, the Realized Price of the Bitcoin Short-Term Holders has been going up recently and currently sits around the $64,000 level.

2024-6-12 22:00


Bitcoin Price Prediction: Expert Spotlights “Very Good” BTC Buying Opportunity Amid Ethereum (ETH) ETF Frenzy – Here’s His Outook

Bitcoin’s price trajectory remains a topic of intense speculation, with analysts closely monitoring market patterns and key events. In a video analysis, top analyst Crypto Rover delved into Bitcoin’s price trends, potential breakout scenarios, and the impact of the upcoming Ethereum spot ETF decision.

2024-5-20 18:30


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru