Bitcoin Continues Retracement, Finds Support Above $9,600

Bitcoin Continues Retracement, Finds Support Above $9,600
фото показано с : beincrypto.com

2020-6-4 11:10

The Bitcoin price has been gradually increasing inside an ascending channel since the rapid decrease on June 2. The price is expected to reach the closest resistance area, found between $9,700-$9,800.

Bitcoin has been increasing since heavy losses on June 2, when the price reached a low of $9,266. Yesterday, the price broke out from the $9,550 minor resistance area and has been moving upwards since, taking the shape of an ascending channel.

Bitcoin’s Ascending Channel

While volume has been quite low, it has been slightly higher during bullish candlestick than their bearish counterparts.

The closest resistance area is found between $9,700-$9,800, more specifically the 0.5-0.618 Fibonacci levels of the entire downward move.

Bitcoin Chart By Tradingview

A closer look at the price movement reveals two support/resistance flips, a sign that the bullish trend is strong. In addition, there is no bearish divergence in the RSI yet.

The price is also following a very short-term descending resistance line. I the price breaks out above this line, the rate of increase is likely to accelerate.

At the time of press, it is difficult to confidently state whether the price will move higher than the $9,700-$9,800 area.

Long-Term Resistance

The weekly chart provides a more bearish picture. The price has been rejected by the $10,400 resistance area and the long-term descending resistance line, which has been in place since the all-time high price reached in December 2017.

At the time of writing, BTC was in the process of creating either a Doji or shooting star in the weekly time-frame, both of which can be read as signs of a reversal.

Therefore, the weekly close is extremely important, since it could be crucial in determining the direction of the future trend. While a close above $10,400 would be extremely bullish, possibly signaling a long-term upward trend, a close below the weekly opening price at $9,441 would possibly indicate that the upward trend beginning in March has ended.

For our previous analysis, click here.

The post Bitcoin Continues Retracement, Finds Support Above $9,600 appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66900.39 (-0.06%)
Объем 24H $16.128b
Изменеия 24h: -0.05 %, 7d: 9.74 %
Cегодня L: $66856.94 - H: $67006.39
Капитализация $1317.946b Rank 1
Цена в час новости $ 9755.17 (585.79%)

bitcoin price expected june decrease reach area

Источник: beincrypto.com

bitcoin price → Результатов: 126


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


Bitcoin (BTC) price prediction after breaching $72k

Bitcoin price forecast points to a possible $82,000. Ten days remain to the much anticipated Bitcoin halving event. Kangamoon, a new meme coin, has raised over $4M in its ongoing presale taking advantage of the crypto hype created by Bitcoin’s price surge Bitcoin (BTC) has been making significant waves in the cryptocurrency market, with its […] The post Bitcoin (BTC) price prediction after breaching $72k appeared first on CoinJournal.

2024-4-8 15:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru