Bitcoin (BTC) Price Analysis: Can More Bulls Join In?

2018-8-22 06:49

Bitcoin bulls have charged past the $6,600 near-term resistance to push price to the $6,900 mark before pulling back. Applying the Fibonacci retracement tool on the latest swing high and low shows where more buyers could be waiting to join in.

In particular, the 61.8% Fibonacci level lines up with the broken resistance and the rising trend line connecting the lows since August 14. This is also just above the dynamic inflection points at the moving averages.

On the subject of moving averages, the 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse.

However, RSI is already indicating overbought conditions and might be due to turn lower to signal a return in selling pressure. Stochastic hasn’t quite reached overbought territory yet but also looks ready to head south, so bitcoin might follow suit.

The pop higher earlier today is being pinned on anticipation for the SEC ruling on the ProShares bitcoin ETF application on August 23. Unlike the other applications shelved until the end of September, the regulator can no longer extend the ruling deadline on this one as it has been filed in December last year.

Approval could bring even more gains for bitcoin and its peers as this would build anticipation for a similar decision in the other applications. This could also mean more liquidity and increased activity for bitcoin trades. Denial, on the other hand, could force bitcoin to return its recent wins.

Risk sentiment is also a general factor to keep close tabs on as there has been a lot going on in terms of trade talks and geopolitical risks. Turkey appears to have taken the back seat for now and the central bank’s pledge to take action seems to have spurred a bit of calm.

The post Bitcoin (BTC) Price Analysis: Can More Bulls Join In? appeared first on Ethereum World News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69014.96 (+0.12%)
Объем 24H $15.231b
Изменеия 24h: 0.39 %, 7d: 2.76 %
Cегодня L: $68878.59 - H: $69332.64
Капитализация $1359.848b Rank 1
Цена в час новости $ 6732.47 (925.11%)

bitcoin bulls join btc price analysis bullish

bitcoin bulls → Результатов: 126


Фото:

Bitcoin Network Onboards 1.2 Million Users In 30 Days – Bulls Spearhead Rush to $50,000

The Bitcoin bull rerun is loud and unmatched. Bitcoin bulls seem to be on a journey to make up for all the losses sustained since May, by correcting upwards fundamentally and technically. In a previous report, we outlined the possibility of Bitcoin hitting $157,000 in the long term, according to the Bitcoin Hash Ribbon indicator. […]

2021-8-14 19:20


Фото:

Bitcoin is “Refining” This Bullish Range; Could Soon Post a Massive Breakout

Bitcoin is currently in the process of consolidating as bulls and bears battle for control of its near-term outlook Where the cryptocurrency trends in the mid-term will likely depend on whether or not bulls can once again push it above $19,000, as this has been a pivotal level for BTC A sustained bout of trading below here could open the gates for serious losses, but many factors are all working heavily in the cryptocurrency’s favor. […]

2020-12-9 02:00


Goldman Sachs’ Call to Buy Gold Cheers Bitcoin Bulls; Here’s Why

Bitcoin bulls were cheerful this Tuesday as a top analyst’s call to purchase gold amidst the Coronavirus-induced market turmoil created similar opportunities for the cryptocurrency. Jeffrey Currie, a commodity researcher at Goldman Sachs, said in a note that the yellow metal has reached an “inflection point” after the Federal Reserve announced that it would buy...

2020-3-25 15:00