Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $29,422

2022-6-5 16:21

Bitcoin can avoid a 10th weekly red candle in a row if it closes above $29,422 on Sunday night, June 5. The past 9 weeks have seen Bitcoin continue to close out the week down on the week before. The previous record was 6 red weeks until Bitcoin broke it in late May.

Source: BTCUSD TradingView

At the time of writing, the price of Bitcoin is $29,788, and it needs to stay above $29,422 to avoid 10 red candles in a row. The current price has acted as resistance to further downward movement since it broke up in December 2020.

Source: BTCUSD TradingView

As can be seen from the chart above. The last time Bitcoin dropped around the $30k level; it only wicked down on the weekly timeframe. Each time Bitcoin dropped below $30k in 2021, it closed above $31,683, yet it has not reached that price since May 9. The next resistance would be one setback in 2019 at around $8,000.

While no one predicts a drop to 2019 levels, the current price point means Bitcoin is moving into unchartered territory. The all-time high of Bitcoin during the last cycle was $19,740, and it has never touched the all-time high from a previous cycle. 2017’s all-time should act as extreme resistance from bulls’ not wanting to show weak price action by invalidating a continuing bullish trend.

Update 5 pm GMT June 6 : Corrected price target for weekly candle  

The post Bitcoin can avoid a 10th consecutive red weekly candle if it closes above $29,422 appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67657.23 (-0.04%)
Объем 24H $13.78b
Изменеия 24h: 0.50 %, 7d: -2.17 %
Cегодня L: $67187.68 - H: $67781.21
Капитализация $1333.289b Rank 1
Цена в час новости $ 29946.33 (125.93%)

closes above 422 bitcoin candle avoid 10th

Источник: cryptoslate.com

closes above → Результатов: 90


Ethereum Could Narrowly Avoid a Major Downtrend if it Closes Above One Key Level

Ethereum has been able to capture some notable upwards momentum today, surging towards its key near-term resistance at $210 as the aggregated crypto market pushes higher. This has allowed the crypto to narrowly avoid seeing massive losses stemming from a previously bearish market structure that it had formed. ETH isn’t completely out of the woods...

2020-5-7 02:00


дальше еще 41 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

BTC surges 6% to touch $70k as Ethereum ETF rumors cause market frenzy

Bitcoin (BTC) surged past the $70,000 mark on May 21, marking a significant milestone driven by a flood of investment into spot Bitcoin exchange-traded funds (ETFs) and a broader market rally. Bitcoin’s price climbed to $70,325, a 6% increase over 24 hours, before settling at $68,700 as of press time, based on CryptoSlate data.

Scaramucci says institutional adoption of Bitcoin set to accelerate

SkyBridge Capital founder Anthony Scaramucci believes institutional adoption of Bitcoin has begun in full force and will accelerate rapidly in the coming quarters. Scaramucci made the statement during an interview on CNBC, where he highlighted the growing acceptance of Bitcoin among major financial institutions and pension funds.

Tether holds more US Treasuries than Germany, ranks 19th globally

Quick Take Tether reported a massive $4. 52 billion profit in the first quarter of the year. Notably, the stablecoin issuer’s consolidated financial figures revealed that as of March 31, it held a staggering $91 billion in direct and indirect US treasury bill holdings.

Challenging the notion of ‘Stag’ or ‘Flation’

Quick Take Federal Reserve Chair Jerome Powell dismissed concerns about stagflation following the release of the latest US economic data. In his speech following the Fed’s decision to keep fed funds rates at 5.