Bitcoin struggles at resistance; inverse head and shoulders points to further strength

Bitcoin struggles at resistance; inverse head and shoulders points to further strength
фото показано с : coinjournal.net

2023-2-28 15:39

Bitcoin meets resistance but looks bullish  A daily close above $25k points to further strength  An inverse head and shoulders pattern suggests more dollar weakness

Can Bitcoin reach $35k? According to this reversal pattern, it can! 

Bitcoin’s price action followed the US dollar lately. Naturally, volatility is higher in the cryptocurrency market, but nevertheless, the correlation is notable. 

As this is the last day of the trading month, some spikes in volatility should be expected. Also, there is no NFP report this upcoming Friday because February is a shorter month than others. 

Therefore, technicals will play an important role this week, and they do help Bitcoin. A reversal pattern is in the makings, and the measured move points to $35k. 

BTCUSD chart by TradingView

Bitcoin finds resistance at $25k

Since making a double top at $65k, Bitcoin’s price fell abruptly. Only the $35k level offered some support in the first months of 2022 – and now the same area is a target for an inverse head and shoulders pattern’s measured move.

An inverse head and shoulders is a bullish pattern. It forms at the bottom of bearish trends.

Unsurprisingly, Bitcoin met resistance at the neckline, just where it found support on its way down. Bulls may want to see a clean breakthrough beyond $25k and then a sustained rally to the measured move.

Such a move would mean a lot for the cryptocurrency market and the US dollar in general. Because of the correlation mentioned earlier, if Bitcoin’s technical analysis proves correct, investors will sell the dollar in the coming months.

To sum up, Bitcoin is coiling here. Buying on a daily close above $25k with a stop at the lows and a take-profit at $35k makes sense from a risk-reward perspective.

The post Bitcoin struggles at resistance; inverse head and shoulders points to further strength appeared first on CoinJournal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66143.29 (-0.11%)
Объем 24H $18.845b
Изменеия 24h: -1.12 %, 7d: 8.04 %
Cегодня L: $66031.14 - H: $66190.49
Капитализация $1303.06b Rank 1
Цена в час новости $ 23418.18 (182.44%)

bitcoin 160 strength pattern dollar resistance further

Источник: coinjournal.net

bitcoin 160 → Результатов: 126


Фото:

Bitcoin, Ethereum, альткоины — Обзор криптовалют — 16/08/2019

Снижение на рынке ускорилось, в результате чего показатель капитализации со среды снизился на 7,1%, достигнув значения $261 млрд. Отмечается рост волатильности и объема торгов. Наш индикатор BC 10 Index снизился на 7%, опустившись до значения 160.

2019-8-16 13:25


Фото:

Bitcoin, Ethereum, альткоины — Обзор криптовалют — 24/07/2019

За последние два дня криптовалютный рынок потерял порядка 7,9% своей капитализации. Сейчас показатель находится в районе $267 млрд. Торги проходят на невысоких объемах при низкой волатильности.   Наш индикатор BC 10 Index потерял 7,1% , опустившись до значения 163 пункта.

2019-7-24 12:49


Bitcoin is Dying in This G20 Giant Because of its Suffocating Government

  It is quite evident by now that the government of India doesn’t like bitcoin in particular and cryptocurrencies in general. Regulators in the country have officially clamped down on bitcoin and other cryptocurrencies, with a draft legislation making it clear that holding, buying or selling cryptocurrencies in the country is a crime.

2019-7-23 16:39


Bitcoin Isn't Banned in India, Confirms Minister; That’s Just Half the Picture

  Bitcoin enthusiasts in India have a reason to rejoice – the country’s government hasn’t banned cryptocurrencies, yet. Responding to a question in the Indian Parliament about the status of cryptocurrencies such as bitcoin in India, minister of state for finance Anurag Thakur responded in the negative, according to a report by Inc42.

2019-7-22 14:47


Bitcoin Isn’t Banned in India, Confirms Minister; That’s Just Half the Picture

  Bitcoin enthusiasts in India have a reason to rejoice – the country’s government hasn’t banned cryptocurrencies, yet. Responding to a question in the Indian Parliament about the status of cryptocurrencies such as bitcoin in India, minister of state for finance Anurag Thakur responded in the negative, according to a report by Inc42.

2019-7-21 14:47


Американский конгрессмен Патрик Макгенри: Нет таких сил, чтобы уничтожить биткоин

Американский конгрессмен Патрик Макгенри считает, что биткоин продолжит своё существование независимо от воли политических элит. В ходе интервью на канале CNBC в эту среду собеседник спросил Макгенри, позволят ли регуляторы и политики существовать криптовалютам.

2019-7-18 20:52


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin still struggling around $61k: Will it dip lower?

Key takeaways Bitcoin continues to struggle below $62k and could plunge lower in the short term. Bitbot has raised $3. 3m so far, with only two stages of the presale left. Bitcoin stays below $62k Bitcoin has been struggling in recent weeks and could record further losses if the market condition persists.

AEVO, Arbitrum, Render token unlocks near as BitBot gains momentum

Popular cryptocurrencies are on edge as investors wait for their upcoming token unlocks that will lead to more dilution. Arbitrum’s ARB token was trading at $1 on Sunday, down by over 58% from its highest point in 2023, and is near its lowest swing since December 1st last year.

Crypto fear and greed index slips as the BitBot raises $3M

A sense of fear is creeping up in the cryptocurrency market as investors focused on the upcoming Federal Reserve decision. The closely-watched crypto fear and greed index has crashed from the extreme greed zone of over 80 to the neutral phase of 58.

Bitcoin struggles below $64k ahead of the halving: Will it plunge lower?

Key takeaways BTC continues to struggle below the $64k level ahead of the Bitcoin halving event in two days. Bitbot’s presale is now above $2. 5 million. Bitcoin stays below $64k ahead of halving Bitcoin has been struggling in recent weeks and could record further losses if the market condition persists.