Bitcoin Bullish or Bearish as Weekend Approaches?

2018-9-28 17:41

Bitcoin is closing off a bullish week. The market capitalization of cryptocurrencies is back above $220 Billion at the time of writing, and many altcoins have also recorded a bullish week so far.

Yesterday, Bitcoin tested resistance at $6850 for the second time this week. It has since retraced on considerable volume and is currently trading around $6650. Price and RSI have formed consecutive higher lows, but the most recent movements appear to have priced in a lower high. After the recent bullish movements, the MACD is approaching a centerline crossover to the upside indicative of increasing buyer momentum.

The key pattern to monitor is the descending triangle pattern which has been forming since January. The downward trendline of the descending triangle pattern is also around the point where the $6850 resistance is which could make it even more difficult for the price to overcome.

Bitcoin Daily Chart – Source: Tradingview.com

The price action on the shorter timeframe is more bearish. After moving into the $6750 to $6850 area, the MACD started to converge towards the centerline correspondent with falling buyer momentum. The MACD crossed it’s signal line to the downside, a bearish signal and price continued to fall.

The price fell to the 50EMA where it met some support. With the follow-up rise being on low volume, we may see a further drop, but the outlook is currently neutral. The descending triangle remains the key pattern to monitor.

Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Bullish week for Bitcoin with price testing resistance twice at $6850. Bitcoin has since dropped with the hourly MACD showing increasing seller momentum. Descending triangle remains the key pattern for traders and investors to monitor. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Bitcoin Bullish or Bearish as Weekend Approaches? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 70937.89 (-0.23%)
Объем 24H $37.69b
Изменеия 24h: 3.19 %, 7d: 4.42 %
Cегодня L: $70430.58 - H: $71286.19
Капитализация $1398.036b Rank 1
Цена в час новости $ 6654.59 (966%)

bitcoin bullish week weekend bearish time approaches

Источник: blokt.com

bitcoin bullish → Результатов: 126


Bitcoin Will Remain Bullish as Long as This Consolidation Structure Holds: Why BTC May Never Close Below $56k Again

According to crypto analysts and traders, Bitcoin’s bullish trend is likely to persist as long as certain key technical structures remain intact. One trader known as “Mags” on X (@thescalpingpro) argues that the current consolidation above Bitcoin’s all-time high is a bullish sign, suggesting a potential continuation of the upward momentum.

2024-5-5 11:15


UK Bank Standard Chartered Publishes Bullish Ethereum Prediction; ETH to $35k If BTC Hits $175k

There has been a great deal of talk about Ether’s ability to surpass Bitcoin as the biggest and most valuable cryptocurrency. While Bitcoin remains atop the rankings, for now, British banking giant Standard Chartered has joined the ranks of financial institutions to post bullish predictions for the leading altcoin.

2021-9-9 20:53


Bitcoin Surges Past $50k on Low Funding But Institutional Investors Are More Bullish on Ethereum

Bitcoin’s breakout is “coinciding with the biggest increase in development activity,” while OI for Ether futures on CME has hit a new peak and has been on an uptrend since July 20. The post Bitcoin Surges Past k on Low Funding But Institutional Investors Are More Bullish on Ethereum first appeared on BitcoinExchangeGuide.

2021-8-24 17:35


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

SOL Price Breaks $150 – Why Solana Could Soon Test $180

Solana is gaining bullish momentum above $150. SOL price is showing positive signs, and it could even surpass the $162 resistance in the near term. SOL price started a fresh increase from the $138 support against the US Dollar.