Bitcoin Analysis for 2020-02-06 [Premium Analysis]

Bitcoin Analysis for 2020-02-06 [Premium Analysis]
фото показано с : beincrypto.com

2020-2-6 12:30

On Feb 5, the Bitcoin price created a bullish engulfing candlestick and is in the process of breaking out above a significant resistance area.

Bitcoin Price Highlights The Bitcoin price is in the process of breaking out above major resistance. It is following a parabolic ascending support line. There is resistance at $9,600 and $11,000. Short-term indicators support a price increase. BTC Breakout Attempt

The Bitcoin price has been following an ascending parabolic support line since Dec 16, 2019.

On Feb 5, the price bounced on this line and created a bullish engulfing candlestick on relatively high volume.

At the time of publishing, Bitcoin was making an attempt at breaking out above the $9,600 resistance area, below which it has been trading since September 2019. If successful, the price could accelerate its rate of increase and quickly move towards the next resistance area at $11,000.

This is likely the fifth and final wave of an Elliott formation that began on Dec 16 and could end near $11,000.

Inside this fifth wave, the price has finished the second sub-wave and is in the process of creating a third.

Short-Term Movement

The short-term outlook gives more credibility to the bullish scenario on the daily chart.

First, we can see that the price has flipped the main resistance area as support and initiated a bounce after. In addition, the hourly RSI has broken out above a long-term bearish divergence trend-line.

Finally, the relatively short-term 50 and 200-hour moving averages have just made a bullish cross, indicating that the price wants to move upwards.

To conclude, the Bitcoin price made an effort to move above a very significant resistance area. While it has yet to clearly flip it as support, it will likely do so in the near future and accelerate its rate of increase towards $11,000.

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

The post Bitcoin Analysis for 2020-02-06 [Premium Analysis] appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67774.29 (-0.47%)
Объем 24H $41.485b
Изменеия 24h: -2.21 %, 7d: 3.76 %
Cегодня L: $67305.82 - H: $67974.72
Капитализация $1335.295b Rank 1
Цена в час новости $ 9668.53 (600.98%)

bitcoin price analysis breaking out above resistance

bitcoin price → Результатов: 126


Bitcoin Price Prediction: Expert Spotlights “Very Good” BTC Buying Opportunity Amid Ethereum (ETH) ETF Frenzy – Here’s His Outook

Bitcoin’s price trajectory remains a topic of intense speculation, with analysts closely monitoring market patterns and key events. In a video analysis, top analyst Crypto Rover delved into Bitcoin’s price trends, potential breakout scenarios, and the impact of the upcoming Ethereum spot ETF decision.

2024-5-20 18:30


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


Bitcoin (BTC) price prediction after breaching $72k

Bitcoin price forecast points to a possible $82,000. Ten days remain to the much anticipated Bitcoin halving event. Kangamoon, a new meme coin, has raised over $4M in its ongoing presale taking advantage of the crypto hype created by Bitcoin’s price surge Bitcoin (BTC) has been making significant waves in the cryptocurrency market, with its […] The post Bitcoin (BTC) price prediction after breaching $72k appeared first on CoinJournal.

2024-4-8 15:15