Bitcoin (BTC) Price Analysis: Potential Pullback Areas

2018-7-25 08:30

Bitcoin continues to post one strong gain after another, but a correction could be due at current levels. Applying the Fibonacci retracement tool shows the potential support areas where buyers might be waiting.

The 61.8% level lines up with an ascending trend line connecting the lows since last week. This is also around a short-term area of interest at $7,750 and the 100 SMA dynamic inflection point. A shallow correction could find support at the 38.2% Fib just above the $8,000 major psychological mark.

On the subject of moving averages, the 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This indicates that the rally is more likely to resume than to reverse. However, the gap between the moving averages is narrowing to signal weakening bullish momentum.

At the same time, RSI is turning lower after hitting overbought levels. This suggests that sellers could take over while buyers take a break or book profits off the latest rallies. Similarly stochastic is turning lower from overbought levels to signal a pickup in selling pressure.

Bitcoin has been on a good run so far this week, buoyed by the positive momentum from the earlier week. At that time, institutional interest was seen as the main catalyst for the rebound. This time, markets are focused on the SEC decision on the bitcoin ETF.

Approval could mean more liquidity and higher volumes, which could prove bullish for bitcoin. Then again, the introduction of bitcoin futures last year is also being blamed for the decline in December as it opened the cryptocurrency to short positioning.

For now, risk appetite is also propping bitcoin and its peers higher while traders appear hesitant to put more funds in the dollar. After all, trade-related tensions could escalate anytime and might keep a lid on US growth prospects and Fed tightening plans.

The post Bitcoin (BTC) Price Analysis: Potential Pullback Areas appeared first on Ethereum World News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66914.5 (+0.05%)
Объем 24H $23.049b
Изменеия 24h: -0.21 %, 7d: 6.40 %
Cегодня L: $66031.14 - H: $67143.86
Капитализация $1319.216b Rank 1
Цена в час новости $ 8253.86 (710.71%)

bitcoin pullback potential areas btc price analysis

Источник: ethereumworldnews.com

bitcoin pullback → Результатов: 35


Фото:

Bitcoin will drop below $ 6400, Crypto Markets loses $ 24 billion in single day

On Tuesday, July 10, Bitcoin along with the entire cryptocurrency market witnessed a major pullback on the charts with the entire cryptocurrency market losing $24 billion in one single day. On Sunday, July 8, Bitcoin crossed past $6800 and everyone was optimistically eyeing it to break the $7000 resistance. At the press time, Bitcoin is

2018-7-11 11:16


Фото:

Bitcoin Price Analysis: Is It Over?

Is contagion from India’s Zebpay flash crash to $5,700 responsible for the pullback in bitcoin price or something else in the works? Market Overview Up till yesterday, BTC traded within a narrowing triangle, leaving investors guessing which side the cryptocurrency would choose but as a third attempt to surpass $6,800 failed, BTC briefly reversed back below the $6,700 support and $6,600 protected against further decline.

2018-6-23 18:00


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin (BTC) Price Watch: Aiming for $7,000 Next?

Bitcoin Price Key Highlights Bitcoin price is gaining traction on it bounce off the channel support on its 4-hour time frame. A move to the next upside targets might be in the works and the Fibonacci extension tool marks these.

Bitcoin (BTC) Price Watch: Eyes on This Support Zone!

Bitcoin Price Key Highlights Bitcoin price is still moving inside a range visible on its 1-hour time frame and looks prime for a test of support. Price has made it halfway down through the range and could have enough momentum for a move to the bottom.

Bitcoin (BTC) Price Watch: Bears Refusing to Let Up

Bitcoin Price Key Highlights Bitcoin price recently tumbled below a short-term rising trend line but might be due for a pullback. Applying the Fib retracement tool on the latest swing high and low shows the levels where more sellers might be waiting.