Bitcoin Is Still Facing Down a Critical Resistance After Exploding 20% Higher

Bitcoin Is Still Facing Down a Critical Resistance After Exploding 20% Higher
фото показано с : bitcoinist.com

2020-8-6 15:00

Bitcoin is rallying once again, pushing to $11,700 as of this article’s writing. Analysts say that the cryptocurrency must hold above $11,500 by the time of the weekly close on Sunday evening to confirm more upside. This is because $11,500 has been a technically important level to Bitcoin for the past two and a half years. Bitcoin Is Facing Down This Critical Resistance: Analyst Explains

Bitcoin’s explosive move past $10,500 last week was undoubtedly satisfying for many bulls. $10,500 has long been BTC’s greatest enemy, rejecting three Bitcoin rallies and forcing bearish retracements.

BTC now has a new enemy, though, according to one cryptocurrency trader. That level is the upper band of the Ichimoku Cloud on BTC’s weekly chart, currently trading at $11,500.

The trader shared the chart below on August 4th, noting how recent price action has been cleanly rejected by that level. The level held as resistance during February’s rally and during numerous occasions in Bitcoin’s history.

For Bitcoin to confirm the bull case, it will need to move above $11,500, then hold that level into the weekly close on Sunday evening.

Chart of ETH's recent price action with the Ichimoku Cloud (weekly chart). Chart from TradingView.com; chart by trader "Big Chonis" (@BigChonis on Twitter).

The Ichimoku Cloud isn’t the only reason why Bitcoin must break past and hold above $11,500 in the near future.

As reported by Bitcoinist previously, one analyst explained that in terms of technicals, $11,500 is literally the “most important level for Bitcoin” right now. He indicated that BTC breaking above that level on a weekly scale would leave little resistance to the all-time highs of $20,00.

The trader shared the chart seen below to convey this sentiment. As can be seen, Bitcoin has seen a number of critical rejections at $11,500 on a weekly scale, like in June 2019 and just last week. BTC managing to hold above this level, then, would mark a rejection of this bearish precedent.

Chart of BTC's macro price action over the past three years with analysis by crypto trader Inmortal Technique (@inmortalcrypto on Twitter). Chart from TradingView.com Only a Matter of Time

Analysts say it’s only a matter of time before Bitcoin moves past $11,500, triggering the next phase of the ongoing bull cycle. Vinny Lingham, CEO of Civic, recently said that he thinks Bitcoin will consolidate around $12,000:

“It was a good call last time. This time it’s likely that Bitcoin holds $12k and consolidates around that level while capital moves into alt coins to test those waters. If $12k holds for a 3-5 days, then we can expect the next phase to be a buildup for a much bigger run…” There’s also Rob Sluymer, who told Bloomberg in an interview last week that the breaking of $10,500 sets the stage for a move to $14,000. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Is Still Facing Down a Critical Resistance After Exploding 20% Higher

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 71539.94 (-0.10%)
Объем 24H $34.017b
Изменеия 24h: 1.24 %, 7d: 6.13 %
Cегодня L: $70430.58 - H: $71641
Капитализация $1409.816b Rank 1
Цена в час новости $ 11876.21 (502.38%)

bitcoin say hold must cryptocurrency above evening

Источник: bitcoinist.com

bitcoin say → Результатов: 126


Фото:

This Bitcoin Volume Trend Formed Before BTC’s Rally to $13,800; It’s Forming Again

Bitcoin’s long-held consolidation phase within the mid-$9,000 region may soon come to an end, as analysts are now noting that the resistance at $10,000 is beginning to evaporate. This isn’t to say that the cryptocurrency is overtly bullish at the moment, as there still exists a multitude of different factors that could hamper the growth […]

2020-6-11 02:00


Фото:

Bitwise Files With SEC for Cryptocurrency ETF

Bitwise Asset Management is the latest venture to apply for a cryptocurrency exchange-traded fund (ETF). Called the Bitwise HOLD 10 Cryptocurrency Index Fund, the ETF will track the returns of the company’s HOLD 10 Index, a “market-cap-weighted index of the 10 largest cryptocurrencies” that captures roughly 80 percent of the total cryptocurrency market capitalization.

2018-7-25 02:18


China To Say Goodbye To ‘Illegal’ Bitcoin Miners by September

An autonomous region in China is set to hunt and close down all “illegal” mining operations before the end of August according to a report by a local news source. A senior official from Xinjiang’s Economic and Information Commission (EIC) confirmed that the agency has issued a notice to local utility companies in Xinjiang Uyghur […] The post China To Say Goodbye To ‘Illegal’ Bitcoin Miners by September appeared first on ZyCrypto.

2018-7-24 07:37


Фото:

Some Crypto-Mining Operations Are Not What They Say They Are

Bitcoin and cryptocurrency mining has become a very competitive industry, and the amount of processing power hashing away to mine these digital assets is truly amazing. However over the years since the inception of GPU and ASIC mining, essentially when home mining turned into an industry, the cryptocurrency mining space has been riddled with fraudulent […] The post Some Crypto-Mining Operations Are Not What They Say They Are appeared first on Bitcoin News.

2018-7-22 18:35


Фото:

Governance, Part 2: Plutocracy Is Still Bad

Coin holder voting, both for governance of technical features, and for more extensive use cases like deciding who runs validator nodes and who receives money from development bounty funds, is unfortunately continuing to be popular, and so it seems worthwhile for me to write another post explaining why I (and Vlad Zamfir and others) do not consider it wise for Ethereum (or really, any base-layer blockchain) to start adopting these kinds of mechanisms in a tightly coupled form in any significant way.

2018-7-21 23:03


Notes on Blockchain Governance

In which I argue that “tightly coupled” on-chain voting is overrated, the status quo of “informal governance” as practiced by Bitcoin, Bitcoin Cash, Ethereum, Zcash and similar systems is much less bad than commonly thought, that people who think that the purpose of blockchains is to completely expunge soft mushy human intuitions and feelings in favor of completely algorithmic governance (emphasis on “completely”) are absolutely crazy, and loosely coupled voting as done by Carbonvotes and similar systems is underrated, as well as describe what framework should be used when thinking about blockchain governance in the first place.

2018-7-21 23:03


Introducing your Gateway to the Internet of Value: How Blockchain.io takes on investors’ favorite worst Crypto dilemma

It is safe to say now that Bitcoin and the Blockchain technology are here to stay. It is very likely that in the near future we will heavily rely on them to store and exchange value; we are confident that many other applications will come up from this groundbreaking invention. In short, the Crypto revolution […]

2018-7-20 02:30


Фото:

Promoted: The Future of Online Shopping Is Powered by Spl.yt — A Decentralized E-Commerce Protocol

As a rapidly growing business sector, e-commerce continues to open up new avenues for exploring, comparing and purchasing products worldwide. Spl. yt, a smart contract protocol, aims improve the e-commerce system for buyers and sellers by automating functions currently performed by “middlemen” marketplaces like Amazon, eBay and Alibaba.

2018-7-16 19:45


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Turns Green: Poised for a Major Upswing

Bitcoin price started a fresh increase above the $70,000 resistance. BTC is showing positive signs and might rise further above the $72,000 resistance in the near term. Bitcoin started a decent increase above the $69,500 and $70,000 resistance levels.

Bitcoin Price Gains Momentum: Bullish Surge Ahead?

Bitcoin price found support at $67,000 and started a fresh increase. BTC climbed above $69,500 and might continue to rise in the near term. Bitcoin started a decent increase above the $68,500 and $69,500 resistance levels.