Bitcoin (BTC) Reclaims $23,000 After Short-Term Deviation

Bitcoin (BTC) Reclaims $23,000 After Short-Term Deviation
фото показано с : beincrypto.com

2022-8-5 14:00

Bitcoin (BTC) has reclaimed a minor horizontal support level at $22,700 and could soon make another attempt at breaking out from a longer-term pattern.

BTC has been increasing inside an ascending parallel channel since June 19. More recently, it reached the resistance line of the channel on July 30, was rejected and has been falling since. 

Currently, it is trading above a confluence of support levels at $23,000, created by the middle of the aforementioned channel and a potential ascending support line that has been in place since July 13. 

In order for the possibility of a breakout to remain valid, Bitcoin has to hold on above this level. 

BTC/USDT Chart By TradingView Short-term BTC movement

The two-hour chart supports the possibility of a breakout for two main reasons. Firstly, Bitcoin has already made two attempts at breaking out from a descending parallel channel (red icons), indicating that the resistance is getting weaker. 

Secondly, the price has reclaimed the $22,700 horizontal support area after initially deviating below it. The area is now expected to provide support once more. 

If a breakout from this short-term channel occurs, it would likely take the price towards the resistance line of the long-term channel. 

BTC/USDT Chart By TradingView Wave count analysis

The short-term count suggests that BTC is in wave three of a five-wave upward movement (black). Moreover, the sub-wave count (yellow) also suggests that Bitcoin has begun sub-wave three. 

As a result, this seems to be a 1-2/1-2 wave formation, which would mean that the rate of increase will greatly accelerate in the near future. 

In order for the count to remain correct, Bitcoin has to hold on above the slope of the original 1-2 (black).

The most likely long-term wave count is also bullish, aligning with the proposed short-term count.

BTC/USD Chart By TradingView

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

The post Bitcoin (BTC) Reclaims $23,000 After Short-Term Deviation appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66982.96 (+0.06%)
Объем 24H $15.762b
Изменеия 24h: 0.14 %, 7d: 10.01 %
Cегодня L: $66856.94 - H: $67075.27
Капитализация $1319.575b Rank 1
Цена в час новости $ 22963.75 (191.69%)

btc bitcoin deviation short-term reclaims pattern longer-term

Источник: beincrypto.com

btc bitcoin → Результатов: 126


Long-term Bitcoin holders resume accumulation, adding almost 70,000 BTC post-downturn

Quick Take Glassnode data suggests that long-term holders who have held Bitcoin (BTC) for over 155 days are actively accumulating after offloading around 1 million BTC since late 2023. This cohort, known for selling into profits when Bitcoin reaches new all-time highs, has increased its holdings by approximately 70,000 BTC from the cycle bottom.

2024-5-14 13:40


Dogecoin (DOGE), Arbdoge AI (AIDOGE), and Others Propel Meme Coin Momentum as Bitcoin (BTC) Surpasses $70,000

As Bitcoin (BTC) has recently surpassed the $70,000 mark, the meme coin sector has been reaping the benefits of trader profit distribution. Despite the polarizing opinions surrounding the existence of memecoins within the cryptocurrency space, this sector has been outperforming other competing altcoin groups over the past week.

2024-4-11 11:30


Bitcoin (BTC) Bulls Converge on Kelexo (KLXO) Crypto Lending: Shiba Inu (SHIB) and Litecoin (LTC) Enthusiasts Predict a 40X Surge

The recent surge in Bitcoin (BTC) to a new all-time high has captured the attention of investors and enthusiasts alike, drawing significant interest in the cryptocurrency market. Amidst the backdrop of Bitcoin (BTC) record-breaking performance, other cryptocurrencies such as Shiba Inu (SHIB) and Litecoin (LTC) are also witnessing heightened activity and community support.

2024-3-14 21:00


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.