Bitcoin Continues Weak Bounce from Minor Support

2020-9-23 12:25

The Bitcoin (BTC) price has been increasing since reaching a low on Sept 21. However, the increase looks corrective and BTC is expected to complete another small downward move before eventually resuming its upward movement.

After reaching a low of $10,286 on Sept 21, the BTC price began an upward movement that is still ongoing. So far BTC has only managed to reach a local high of $10,573.

Weak Bitcoin Bounce

The bounce transpired at the 0.618 Fib level and the minor $10,350 support area. The next support area is found at the 0.786 Fib level near $10,115. Conversely, the closest resistance area is found at $10,800.

BTC Chart By TradingView

Technical indicators do not show signs of a reversal yet. The MACD has been decreasing over the past three days and has turned negative. The RSI has not generated any bearish divergence and is not yet oversold.

BTC Chart By TradingView

The shorter-term chart indicates that the current movement is more likely to be a retracement than it is to be the beginning of a new upward movement. So far, the price has been rejected by the 0.382 Fib level and dropped back. The 0.5 Fib level is found at $10,638.

While there was some bullish divergence in the RSI, an increase has already occurred as a result and the trend of the divergence has since been broken. The MACD is moving upwards but has not reached positive territory yet.

As it stands, another re-test of $10,350 and possibly the $10,115 area seems like the most likely scenario.

BTC Chart By TradingView Wave Counts

Beginning on Sept 19, it seems that BTC has begun a bearish impulse (shown in blue below). If the count is correct, the price is nearing or has already reached the top of wave 4, and another leg down is expected afterward. This would fit with the analysis from the previous section.

Furthermore, projecting the length of wave 1 to the top of wave 4 gives us a target of $10,121 for the bottom of wave 5. This is a confluence of the 0.786 Fib level and minor support area.

This formation remains valid as long as the wave 1 low of $10,723 is not breached.

BTC Chart By TradingView

To conclude, the Bitcoin price is expected to make another low near $10,100 before eventually resuming its upward movement.

For BeInCrypto’s previous Bitcoin analysis, click here!

The post Bitcoin Continues Weak Bounce from Minor Support appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68835.35 (-0.35%)
Объем 24H $30.769b
Изменеия 24h: 0.10 %, 7d: 1.45 %
Cегодня L: $68761.13 - H: $69284.62
Капитализация $1356.572b Rank 1
Цена в час новости $ 10487.87 (556.33%)

btc bitcoin another complete expected corrective small

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


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum (ETH) Weekly RSI Falls to New All-Time Low

Ethereum (ETH) has reclaimed a short-term support level and in the process created its first higher low since June 18. The post Ethereum (ETH) Weekly RSI Falls to New All-Time Low appeared first on BeInCrypto.

DASH Heads Toward Resistance After Reclaiming Range Low

The Dash (DASH) price has reclaimed an important support level after briefly deviating below it. While DASH/USD is expected to increase toward the resistance areas outlined below, the DASH/BTC pair is expected to continue decreasing.

Bitcoin Adds 10% In a Day, Reaches Long-Term Resistance

The Bitcoin (BTC) price created a bullish engulfing candlestick on Nov 5, reaching a high of $15,570 to mark a 10% gain for the day. While the price has reached an important resistance area that could act as the top, there are no signs of weakness yet in the trend.

OCEAN Falls Back to Support and Shows Strength

The Ocean Protocol (OCEAN) price is in the process of validating an important area as support. As long as the price is trading above this level, the trend is considered bullish. On the contrary, the OCEAN/BTC pair looks bearish unless it can break out above a descending resistance line that’s been holding it back.