Bitcoin Price Weekly Analysis: BTC/USD’s Triangle Break Near

2018-7-15 09:30

Key Points Bitcoin price formed a decent support near $6,050 and recovered against the US Dollar. There is a key triangle forming with resistance near $6,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is facing many hurdles on the upside near the $6,300 and $6,450 levels.

Bitcoin price is preparing for the next move above $6,300 against the US Dollar. BTC/USD could trade higher if buyers succeed in pushing the price above $6,450.

Bitcoin Price Resistances

This past week, there was a sharp downward move from well above $6,750 in bitcoin price against the US Dollar. The BTC/USD pair topped near the $6,840 level and declined below the $6,450 support area. The drop was such that the price settled below $6,450 and the 100 simple moving average (4-hours). However, buyers took a stand near the $6,075 level and prevented further slides.

A low was formed at $6,076 and the price started an upward correction. It moved a few points above the 23.6% Fib retracement level of the last decline from the $6,842 high to $6,076 low. However, the upside move was prevented by the $6,360 level. More importantly, there is a key triangle forming with resistance near $6,300 on the 4-hours chart of the BTC/USD pair. Above the triangle resistance, there is a crucial resistance near $6,440, which is near the 100 SMA. Moreover, the 50% Fib retracement level of the last decline from the $6,842 high to $6,076 low is at $6,459. Therefore, the $6,450-60 zone could act as a strong resistance.

Looking at the chart, the price is approaching a key break either above $6,300 or below $6,175. Below $6,175, the $6,000 support may be tested, followed by $5,800. On the other hand, above $6,300, the price will most likely break $6,450.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now above the 40 level.

Major Support Level – $6,000

Major Resistance Level – $6,450

The post Bitcoin Price Weekly Analysis: BTC/USD’s Triangle Break Near appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68690.82 (-0.65%)
Объем 24H $28.717b
Изменеия 24h: 1.78 %, 7d: 1.75 %
Cегодня L: $67324.36 - H: $69474.84
Капитализация $1353.596b Rank 1
Цена в час новости $ 6316.23 (987.53%)

near bitcoin price triangle usd btc pair

Источник: newsbtc.com

near bitcoin → Результатов: 89


Bitmain’s Bitcoin Mining Company Evaluation is Near $12 Billion After New Funding

$12 Billion: The Value of Mining Giant Bitmain in the New Funding Round Bitmain, the Chinese bitcoin mining giant reportedly closed a Series B funding that valued the company at around $12 billion. Caixin, Chinese business media reported on Friday the equity financing was somewhere between $300 and $400 million, though it is still unclear […]

2018-7-7 23:43


дальше еще 40 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

How High Can Bitcoin Go Before A Top? Analyst Chimes In

An analyst has explained how the Bitcoin rally could still have room to run before hitting a top based on the data of this indicator. Bitcoin Macro Oscillator Isn’t At Historical Top Zone Yet In a new post on X, analyst Willy Woo has discussed the recent trend developing in the Bitcoin Macro Oscillator (BMO).

Halving Woes Already Over? Bitcoin Hashrate Smashes All-Time High

On-chain data shows the Bitcoin mining hashrate has sharply rebounded from its post-Halving lows and has achieved a new all-time high (ATH). 7-Day Average Bitcoin Mining Hashrate Has Just Set A New ATH The Bitcoin network runs on a consensus mechanism known as the “proof-of-work” (PoW).

Bollinger Bands Inventor Foresees Bitcoin Pullback: Key Levels To Watch

Renowned financial analyst John Bollinger has recently issued a caution regarding the potential for a Bitcoin pullback. After BTC price surged from below $66,000 to almost $72,000 at the beginning of the week, Bollinger, the creator of the widely utilized Bollinger Bands indicator, pointed to specific features in the Bitcoin price chart that suggest a consolidation or pullback could be imminent, though he clarified that his perspective was not bearish on a longer term.

Perennial Bitcoin Accumulators Bought Big Ahead Of Rally, Data Shows

On-chain data shows that Bitcoin addresses with zero sales histories participated in a big accumulation before this recovery run started. Bitcoin Inflows To Accumulation Addresses Sharply Spiked Recently As explained by an analyst in a CryptoQuant Quicktake post, the accumulation addresses on the Bitcoin network have shown some significant inflow activity recently.

Bitcoin “Profit-Taking Has Completed,” Top Analyst Reveals

An analyst has explained how profit-taking looks to have finished for Bitcoin in what has been a “very healthy reset” for the market. Bitcoin SOPR Suggests Profit-Taking From Investors Has Cooled Off In a new post on X, analyst Willy Woo has discussed about the latest trend occurring in the Bitcoin Spent Output Profit Ratio (SOPR).

4 Key Reasons Why The Bitcoin Bull Run Is Far From Over

In an analysis shared via X, renowned crypto analyst Ted (@tedtalksmacro) has provided compelling evidence to support his assertion that the current Bitcoin bull run is far from over. Ted’s insights are based on four critical indicators related to traditional finance and crypto liquidity, each pointing to sustained growth in the near future.

Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns

On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross still has a high value, a sign that may be bearish for BTC. Bitcoin NVT Golden Cross Is Still Near Historical Top Zone In a CryptoQuant Quicktake post, an analyst discussed the recent trend in the NVT Golden Cross for BTC and its implications for the price.