Bitcoin (BTC) Breaks From Short-Term Resistance; Bounces Above $21K

Bitcoin (BTC) Breaks From Short-Term Resistance; Bounces Above $21K
фото показано с : beincrypto.com

2022-6-21 12:00

Bitcoin (BTC) has been moving upwards since June 18, breaking out from a short-term resistance level on June 20.

BTC has been increasing since reaching a low of $17,622 on June 18. The upward movement led to the creation of a bullish engulfing candlestick the next day (highlighted). This is considered a bullish candlestick pattern, in which the entire decrease from the previous day is negated with one bullish candlestick.

Furthermore, while the RSI was extremely oversold, it has now moved outside of its oversold territory (green icon). This is considered to be a bullish sign, meaning that the trend is gradually turning bullish.

If the upward movement continues, the closest resistance would be at $23,300. This is the 0.382 Fib retracement resistance level when measuring the entire downward movement.

BTC/USDT Chart By TradingView Ongoing BTC bounce

The six-hour chart suggests that a bounce is likely. The main reason for this is the bullish divergence that has developed in the six-hour RSI (green line). Additionally, the RSI is now very close to moving above 50.  In turn, the majority of the wave counts also suggest that a bounce will transpire.

Currently, the price is trading inside the $21,000 area, which previously provided support and is now expected to act as resistance.

If it is successful in moving above it, there would be no resistance left until $23,300, the previously outlined 0.382 Fib retracement resistance level.

BTC/USDT Chart By TradingView Short-term movement

Finally, the two-hour chart shows that the price has already broken out from a descending resistance line that had previously been in place since June 15. 

Also, the RSI has now decisively moved above 50 after generating bullish divergence. This increases the validity of the breakout and supports the continuation of the upward movement towards the previously outlined targets.

BTC/USDT Chart By TradingView

For Be[in]Crypto’s previous bitcoin (BTC) analysis, click here

The post Bitcoin (BTC) Breaks From Short-Term Resistance; Bounces Above $21K appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66199.61 (-0.10%)
Объем 24H $19.316b
Изменеия 24h: -1.11 %, 7d: 7.59 %
Cегодня L: $66031.14 - H: $66391.13
Капитализация $1304.273b Rank 1
Цена в час новости $ 21407.24 (209.24%)

short-term resistance bitcoin btc june 21k breaks

Источник: beincrypto.com

short-term resistance → Результатов: 126


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin (BTC) Price Analysis: Can It Hold Above the $20,000 Level?

The Bitcoin (BTC) price has kept traders and investors yearning for a significant move, but chances of steady price action or consolidation have weighed down market expectations. The post Bitcoin (BTC) Price Analysis: Can It Hold Above the $20,000 Level? appeared first on BeInCrypto.

Bitcoin (BTC) Price Risks Persist as Demand Wanes

A rather boring Bitcoin price action has left the market hoping for some swift moves, but BTC could make participants wait a bit more before any good news pops up.  The post Bitcoin (BTC) Price Risks Persist as Demand Wanes appeared first on BeInCrypto.