It’s been a fairly exciting week for Bitcoin bulls, with rally upon rally feeding into the bullish sentiment. Although the weekly is not closed as of typing, Bitcoin saw its value jump 14% this week to $9169,5(Bitfinex). However, it seems that for all the gains achieved this week, Bitcoin has found itself staring at a significant high-time frame resistance zone on the weekly and daily charts.
Bitcoin Weekly Analysis
To understand where we might be going, let’s break down where we’ve been in weekly chart retrospective review. After an explosive first half on 2019, the second half of 2019 saw bitcoin’s price establish a series of entrenched bearish market structure; Lower lows and lower highs. This trend continued till mid December 2019, where after a period of consolidation and a fake-out to the downside, bitcoin managed to break its weekly pennant, push past prior lows of 7700 and then over 40% from the lows at $6477.
However, technically speaking, bitcoin has yet to firmly establish a break in larger bearish structure, and has still not made a higher high or higher low in this price range. Although the bulls have delivered a healthy dose of humble pie to bears this season, price is at significant high time-frame resistance, where hibernating bears have begun to wake up and even lure traders into a bull trap. The similarities to the 2018 bear market are eerily similar. However, something to keep in mind is the RSI indicator is about to close above the 50 midpoint, which in the past signalled a high probability of bullish continuation.
Bitcoin Daily Analysis
The daily is a perfect chart to view to establish one’s bias. On the one hand, we have both a bullish break of a descending wedge/channel; and yet on the other hand we have a simple retest of prior support that has now become resistance (Red Box).
Although it currently looks like the bulls have been caught with their pants down, if they manage to reclaim $8500-$8400 as support (which they currently seem to be doing-Green box)) it could simply be bullish consolidation at a new upper range from which to retest $9000 and eventually print higher highs. However, if bitcoin has truly exhausted its bullishness, and $9000 does hold as resistance, we could drift down to $7700 and test support once again to recharge. The daily RSI has been trending downwards since July 2019, and although RSI is approaching “overbought” zones, the larger RSI trend on the daily is still bullish as long as RSI remains above the midpoint at 50 on any retrace.
4-Hour Analysis
The 4H chart is essentially telling the same story as the daily chart—we hit high-time frame resistance and had a strong bearish reaction off of it into a healthy support zone.
If price maintains bullish structure and does not venture below $8400, there’s a strong possibility price will retest the highs and eventually delve into the mid $9000’s range—where I expect a lot of volatility. If bears take charge, price could see $7700, which would, in this authors opinion, be a golden longing zone.
Recap and Conclusion
There’s no denying that on a weekly time frame, the prevailing trend since July 2019 has shifted. This was jump-started by price faking out to new lows. A few weeks later, bitcoin price is retesting old support turned resistance. Now, it’s time to be cautiously optimistic about bullish prices in the coming weeks, provided we manage to clear the lower $9000 and not lose $7700 as support. This $8400-9000 zone is a significant piece of price the bears and bulls are fighting over, and the winner will likely set the trend for the coming months into the halvening.
Where do you think Bitcoin price is heading this week? Add your thoughts in the comment section below!
Images via Shutterstock, BTC/USD chart by Tradingview The post appeared first on Bitcoinist.com. origin »
Bitcoin has done what many bulls dreaded: it plunged below six figures, crashed through $100,000, and even tumbled past $98,000 in a wave of liquidations not seen since May. As reported by CryptoSlate, BTC fell to $98,550, triggering $190 million in long liquidations in one hour and $655 million in 24 hours as spot ETFs […]
The post Bitcoin tests the $95k HODL wall after cascade knocks out $655M from bulls appeared first on CryptoSlate.
Bitcoin needs to turn the $85,000 resistance into a support zone for a bullish breakout.
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So far, Bitcoin has seen a mixture of bulls and bears just in the past day alone. Although bulls appear to be taking the lead given its current market performance, will this be sustainable? Before the US Federal Reserve announcement of the rate cuts, Bitcoin experienced a slight dip in its trading price.
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In a shocking twist, Bitcoin (BTC), the undisputed king of cryptocurrencies, has plunged to levels not seen since the early days of 2023. The battle-hardened Bitcoin bulls have suffered another crushing defeat, leaving investors on edge, anxiously pondering whether the dreaded sub $20,000 abyss will haunt them again.
Bitcoin’s breakout to $29k comes after bulls established $26,190 as a key support zone. If bulls break to YTD highs, the next direct resistance per the Fibonacci model could be at the -50. 0% retracement of $34,280.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
The downtrend from November was still in play for Bitcoin [BTThe post As Bitcoin reclaims $20k, can BTC traders drive bulls to aim for the sky appeared first on AMBCrypto.
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Bitcoin, the world's largest cryptocurrency has been bleeding for quite a while now as bears overtook the bull. As things stand, it was trading just above the $33k mark with a correction of about 2% iThe post Bitcoin: What does this mean for the 'trapped bulls'? appeared first on AMBCrypto.
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Bitcoin is in limbo as of this article’s writing, stuck above the $10,000 psychological support and below the $10,500 resistance. Both bulls and bears have valid arguments at current. The bulls think that BTC continuously holding $10,000 lends to a high chance of appreciating.
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Bitcoin bulls have been fighting to break $10,000 for months now. Bitcoin has been rejected several times from this doomed level, however, the last time that happened, just 2 weeks ago, bears had a lot of continuation but the bulls managed to buy the dip and push Bitcoin back above $9,000 and tried to break […]
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Bitcoin bulls were cheerful this Tuesday as a top analyst’s call to purchase gold amidst the Coronavirus-induced market turmoil created similar opportunities for the cryptocurrency. Jeffrey Currie, a commodity researcher at Goldman Sachs, said in a note that the yellow metal has reached an “inflection point” after the Federal Reserve announced that it would buy...
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