Bitcoin (BTC) Price Analysis: Bulls Defend Area of Interest, Upside Targets

2019-3-6 05:38

Bitcoin looks ready to resume its earlier rally as it found bullish energy at an area of interest or former resistance turned support. With that, price could set its sights back on the upside targets marked by the Fib extension tool.

The first target at the 38.2% Fib extension is at $4,110.2 then the 50% level is at $4,215. The swing high lines up with the 61.8% Fibonacci extension at $4,321. Stronger bullish momentum could take bitcoin up to the 78.6% extension at $4,471.2 or the full extension at $4,662.3.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the climb is more likely to gain traction than to reverse. Then again, the gap between the moving averages is narrowing to indicate that bullish momentum is fading. Still, price is above the 100 SMA as an indicator of bullish pressure.

RSI appears to be turning lower after a brief stay in the overbought zone. Turning lower could encourage sellers to return and push bitcoin back to the swing low at $3,400 or lower. Stochastic is still heading up but also testing the overbought zone to signal exhaustion among buyers.

Bitcoin struggled to sustain the bullish momentum throughout February which was seen to be spurred by an improvement in sentiment and upbeat forecasts. Still, there is a lot to look forward to, particularly the launch of Fidelity’s institutional platform that is widely expected to bring in big volumes from banks and funds.

Several analysts are still of the opinion that price is bottoming out, and it also helps that members of the tech industry have been optimistic about the long-term prospects of cryptocurrencies. Traders are likely holding out for concrete developments before piling on long positions from here.

The post Bitcoin (BTC) Price Analysis: Bulls Defend Area of Interest, Upside Targets appeared first on Ethereum World News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin Interest (BCI) на Currencies.ru

$ 0 (-1.38%)
Объем 24H $0
Изменеия 24h: 0.44 %, 7d: 1.22 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.1595 (-100%)

interest bitcoin targets area upside price defend

interest bitcoin → Результатов: 126


Bitcoin’s decreasing search interest does not bode well for BTC price

According to data from Google, search interest for the term ‘Bitcoin’ is currently near the lowest it has been in the past three months. The lack of interest in the world’s largest cryptocurrency seems to go hand in hand with a sharp decline in price, as the coin has dropped to a worryingly low $7,500 […] The post Bitcoin’s decreasing search interest does not bode well for BTC price appeared first on CryptoSlate.

2019-10-24 21:03


Фото:

CME Bitcoin Futures Sees Institutional Interest and Demand from Asia

Global markets business CME Group said that institutional interest toward the firm’s Bitcoin futures is thriving and 2019’s third-quarter data showed a record number of open interest. Moreover, despite the lackluster start, the Intercontinental Exchange’s (ICE) Bakkt platform has seen an increase in interest with the company’s physically-settled bitcoin futures product.

2019-10-18 17:25


Bitcoin’s search interest higher than President Donald Trump; Twitterverse divided on Facebook’s Libra

Coinbase’s new research report dubbed, “The United States of Crypto,” gave the community an insight into growing crypto-awareness in the USA. This report was validated by the fact that recent Google Trends data suggested that search interest for Bitcoin surpassed the likes of several A-list celebrities, including Kim Kardashian.

2019-7-5 16:00


A New Bitcoin ETF Hopeful is Many Moons Away, But You Don’t Have to Wait for Bitcoin Interest Accounts Now

The dream of cryptocurrencies replacing bank just got a step closer. This Tuesday BlockFi has launched a crypto deposit account that provides compound interest. The BlockFi Interest Account (BIA) is now live and gives customers an annual interest rate of 6 percent, paid on a monthly basis in cryptocurrency. That monthly interest is then compounded […]

2019-3-7 18:19