Bitcoin Fails to Close the Week Above $7,000 — Is the Pump Over?

Bitcoin Fails to Close the Week Above $7,000 — Is the Pump Over?
фото показано с : beincrypto.com

2020-4-13 11:05

During the week of April 5-12, the BTC price failed to reach a close above a significant resistance level found at $6,800.

Even though it initially climbed above this resistance, it proceeded to create a long upper-wick and close below. This occurrence has bearish implications for the medium-term trend.

Bitcoin’s Weekly Outlook

The BTC weekly candlestick has reached a close for the week of April 5-12 below the most important support level turned resistance at $6,800. Furthermore, BTC has created a long upper-wick and a very small real body, a bearish sign when viewed together.

The failure to move above the previous support level suggests that the price is likely to go down. If it does so, the 200-week moving average (MA) is found at $5,650, while the next support level is around $5,350.

Bitcoin Chart By Trading View Future Movement

Looking at a lower time-frame, we can see that the BTC price has broken down from an ascending wedge. Yesterday’s movement only served to validate the wedge’s support line as resistance, and the price left an inverted hammer candlestick in place.

If the price begins to go down, the closest support area from here is found at $6,300.

Looking at an even lower time-frame, we can see that the price has fallen back within its previous range of $5,700-$6,900.

In this context, the increases of April 6-9  above $7,000 seems to be just a minor deviation above this range, which the price has now nullified by falling back within. The midpoint (EQ) of the range also coincides with the previously outlined support area.

Considering the price has also broken down below a short-term support level, a decrease towards $6,300 is expected.

To conclude, the BTC price has broken down from an ascending wedge and validated it as resistance afterwards. We believe the price will continue to decrease at least until it reached $6300.

For those interested in BeInCrypto’s previous Bitcoin analysis, click here.

The post Bitcoin Fails to Close the Week Above $7,000 — Is the Pump Over? appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Level Up Coin (LUC) на Currencies.ru

$ 7.53E-5 (+0.68%)
Объем 24H $0
Изменеия 24h: 1.94 %, 7d: 12.29 %
Cегодня L: $7.53E-5 - H: $7.53E-5
Капитализация $75.097k Rank 1896
Цена в час новости $ 4.63E-5 (62.63%)

close above week resistance though initially climbed

Источник: beincrypto.com

close above → Результатов: 126


Фото:

Why Analysts Expect More Upside After Bitcoin Just Broke $10,000 (Again)

Over the past 36 hours, Bitcoin has finally started to show signs of strength after the brutal 10% sell-off earlier this week. From the week’s most traded price at $9,600, the cryptocurrency has pressed higher to $10,000 as of the time of writing this, seemingly to establish a short-term candle close above this crucial psychological level.

2020-2-24 03:37


Фото:

Bitcoin Price Movement Splits Bullish and Bearish Analysts [Premium Analysis]

The Bitcoin price is in the process of reclaiming the previous breakdown level of $7600. A weekly close above it would act as confirmation that the current trend is bullish. On December 17 and 18, the Bitcoin price broke down below a significant support area and reached a low of $6400, causing many people to […] The post Bitcoin Price Movement Splits Bullish and Bearish Analysts [Premium Analysis] appeared first on BeInCrypto.

2019-12-23 20:16


Analyst: Bitcoin stock to flow model could signal that $10,000+ BTC is imminent

Bitcoin has been caught in the throes of a strong and enduring downtrend over the past several weeks, which was first sparked when the crypto failed to stabilize above $10,000 in late October. This downtrend, however, may soon draw to a close, as one pricing model suggests that Bitcoin could be on the cusp of […] The post Analyst: Bitcoin stock to flow model could signal that $10,000+ BTC is imminent appeared first on CryptoSlate.

2019-11-28 06:00


Аналитик PlanB считает, что в этом году биткоин превысит $10 000

В своём твите от 25 ноября аналитик крипторынка PlanB предположил, что до конца 2019 года пара курс биткоина по отношению к доллару пересечёт уровень в $10 000: We'd need to close above 8300 by the end of the month (4 more days), or we'll likely have a bearish December to test new lows.

2019-11-28 16:34


Фото:

Bitcoin Will Find Support Above Long-Term Moving Averages, Predicts Analyst

The Bitcoin price has decreased considerably over the previous week. However, it bounced strongly on November 25, leading some people to believe that it has already reached a bottom. The current trading pattern which is supported by several long-term moving averages suggests that Bitcoin is very close to reaching a bottom if it has not […] The post Bitcoin Will Find Support Above Long-Term Moving Averages, Predicts Analyst appeared first on BeInCrypto.

2019-11-27 04:23


Вилли Ву: До конца месяца биткоин должен закрыться выше $8300 или медведи продолжат снижение

Биткоин показал подъём от полугодового минимума около $6 500 и в течение последних суток вырос больше чем на 10%, в процессе приблизившись к уровню $7 300. Тем не менее, аналитик Вилли Ву считает, что криптовалюте необходимо подняться ещё на $1 000 в течение четырёх ближайших дней, чтобы избежать укрепления медвежьей тенденции. We'd need to close above […]

2019-11-27 15:40


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin (BTC) Wallets Cross 48 Million for the First Time

Bitcoin has hit another milestone in its rocky journey towards global mainstream adoption. Surpassing 2022 figures in the process. The post Bitcoin (BTC) Wallets Cross 48 Million for the First Time appeared first on BeInCrypto.