Bitcoin (BTC) Bounces Back After Rebound From Support

Bitcoin (BTC) Bounces Back After Rebound From Support
фото показано с : beincrypto.com

2021-9-15 10:52

Bitcoin (BTC) bounced considerably on Sept 14, creating a bullish engulfing candlestick in the process.

This caused a breakout from a short-term parallel descending channel. BTC is now approaching the $47,850-$49,050 resistance area.

Bitcoin bounces

After reaching a low of $43,400 on Sept 13, BTC has rebounded considerably. The next day, it created a bullish engulfing candlestick and reached a high of $47,250. In addition to this, it’s trading above the $43,950 horizontal support area, which is the 0.382 Fib retracement support level. 

While the price action does look bullish, technical indicators are firmly bearish. The RSI is below 50, the MACD is decreasing and is close to moving into negative territory, and the Supertrend has turned bearish. The last time this occurred was after it fell from the April all-time high.

Therefore, the price action and technical indicators give contrasting readings.

BTC Chart By TradingView Future movement

The six-hour chart appears less bearish. It shows that BTC broke out from a descending parallel channel after both the RSI and MACD generated bullish divergences. Such channels usually contain corrective movements.

However, BTC is approaching a strong resistance area between $47,850 and $49,050, created by the 0.5-0.618 Fib retracement resistance levels.

BTC Chart By TradingView

The two-hour chart shows that BTC has already validated the resistance line of the channel as support (green icon). Also, the RSI is above 50 and the MACD is positive.

BTC Chart By TradingView Wave count

The most likely wave count indicates that the bounce is part of the C wave from a flat A-B-C corrective structure.

The most likely area for the top is between $47,900-$47,950. This range is created by the 1:1 length of wave A (white) and the 0.5 Fib retracement resistance level (black).

The second most likely area for the top is between $50,720 and $50,785. This is the 1:1.61 length of wave A (white) and the 0.786 Fib retracement resistance level.

Therefore, if the price were to move above the 0.5 Fib retracement level, it’s likely that it would increase all the way to the 0.786 Fib retracement. 

BTC Chart By TradingView

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

The post Bitcoin (BTC) Bounces Back After Rebound From Support appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67017.2 (+0.62%)
Объем 24H $22.864b
Изменеия 24h: -0.33 %, 7d: 7.23 %
Cегодня L: $66031.14 - H: $67143.86
Капитализация $1320.293b Rank 1
Цена в час новости $ 47153.45 (42.13%)

bitcoin btc bounces support back rebound afterward

Источник: beincrypto.com

bitcoin btc → Результатов: 126


Фото:

Bitcoin Whales Continue Buying, Now Hold 25.16% Of All Supply

On-chain data shows that the Bitcoin whales’ holdings have grown to 25. 16% of the entire supply, and their net accumulation has continued recently. Bitcoin Investors With 1,000 To 10,000 BTC Have Continued To Buy Recently According to data from the on-chain analytics firm Santiment, the BTC whales have accumulated more than 266,000 BTC since the start of the year.

2024-4-25 06:00


дальше еще 77 новостей →

Партнеры Currencies.ru

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.