Bitcoin Consolidates Above $35,000 Support

2021-1-18 11:15

The Bitcoin (BTC) price dropped considerably during the week of Jan 11-18 and created a bearish candlestick in the process.

Nevertheless, Bitcoin is still trading above short/medium-term support, failing to confirm the bearish trend reversal.

  Bitcoin Hanging Man Candle

During the week of Jan 11-18, Bitcoin created a hanging man candlestick, which is normally considered a bearish reversal sign when appearing during an upward trend.

Nevertheless, technical indicators do not yet confirm the trend reversal.

The MACD, RSI, and Stochastic oscillator are all increasing, and none of them has generated bearish divergences despite being in overbought territory.

BTC Chart By TradingView

The daily chart looks more bearish than its weekly counterpart. While BTC has bounced at the 0.382 Fib retracement support at $32,125 and generated a hidden bullish divergence in the RSI, the rest of the readings are bearish.

BTC has already created a lower high and the Stochastic oscillator has made a bearish cross. Adding to this, the MACD is moving downwards and has nearly crossed into negative territory.

If BTC were to break down from the current support area, the next support would likely be found at $29,080 (0.5 Fib retracement level).

BTC Chart By TradingView Symmetrical Triangle

The six-hour chart shows that BTC has been following an ascending support line since Dec. 14 and is possibly trading inside a symmetrical triangle. This pattern is normally considered to be neutral.

Technical indicators are also neutral, failing to confirm the direction of the trend.

BTC Chart By TradingView

The two-hour chart shows that BTC has bounced at the 0.618 Fib retracement level of the previous upward move and is currently heading higher after creating a higher low. The two-hour MACD supports the continuation of the upward movement.

BTC is expected to find resistance at $37,700. This level is a combination of the 0.618 Fib retracement level, a horizontal resistance area, and possibly the descending resistance line of the triangle.

Whether BTC breaks out or down from the triangle is likely to determine the direction of the trend. Due to the possibility of a long-term correction, an eventual breakdown seems more likely.

BTC Chart By TradingView Conclusion

While Bitcoin is expected to increase towards $37,700 to reach the resistance line of the triangle, the trend is undetermined until a breakout or breakdown occurs.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post Bitcoin Consolidates Above $35,000 Support appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67666.82 (+0.10%)
Объем 24H $26.99b
Изменеия 24h: -0.43 %, 7d: -2.90 %
Cегодня L: $67324.36 - H: $68240.24
Капитализация $1333.208b Rank 1
Цена в час новости $ 36469.27 (85.54%)

bitcoin trend bearish hanging man reversal above

Источник: beincrypto.com

bitcoin trend → Результатов: 126


Фото:

Bitcoin Could See a Major Breakout in The Coming Days; Here’s Why

Bitcoin has been stuck in a tight trading range throughout the past several days This has offered little insight into the cryptocurrency’s short-term trend, as both its buyers and sellers remain at an impasse As for where it may trend next, analysts now seem to believe that it is coiling up for a major breakout This could lead it well past $12,000 in the coming few weeks There are a few factors that suggest this […]

2020-8-15 02:00


Фото:

Here are the Two Reasons Why Bitcoin Investors are Fleeing Exchanges

Bitcoin’s recent rally has closely coincided with a trend of investors fleeing exchanges It appears that the two primary factors behind this trend are degrading trust in centralized platforms coupled with more investors moving towards a long-term “hodling” strategy Either way, this trend does bolster Bitcoin from a fundamental perspective Bitcoin’s intense uptrend seen in the time following its mid-March meltdown has ushered in a significant influx of new capital to the market – a […]

2020-5-4 22:00


Bitcoin Bound to Surpass $330,000 in Two Years by Following the 2017 Trend

The month of April was quite friendly to the cryptocurrency market in general and Bitcoin (BTC) in particular. However, this first week of May has proven to be the best so far with Bitcoin pushing past $5,500 to even hit $6,000 on some exchanges, bringing its market cap to over $100 billion for the first […] The post Bitcoin Bound to Surpass $330,000 in Two Years by Following the 2017 Trend appeared first on ZyCrypto.

2019-5-3 18:24


Bitcoin все еще выглядит слабым

Ко вторнику, 4 декабря, Bitcoin умеренно восстанавливается в цене и торгуется по 4038 USD, сообщает Дмитрий Гурковский, ведущий аналитик RoboForex. Если рассматривать динамику Bitcoin на 4-часовом таймфрейме, то можем увидеть развитие среднесрочной фазы коррекции.

2018-12-4 14:52


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75%

Compared to Bitcoin, cypto hedge funds have underperformed in 2023. against this backdrop, investors have lost confidence and 13% of funds shuttered since the begining of the year. The post 13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75% appeared first on BeInCrypto.

Upbit Exchange Outperforms Coinbase and OKX in July

Korean exchange Upbit records $29.8 billion in spot trading volumes as it benefits from superior regulation compared to US exchanges. The post Upbit Exchange Outperforms Coinbase and OKX in July appeared first on BeInCrypto.