Bitcoin Recovering After a Sharp Decline: Here’s Why Bulls Could Fail

2020-3-31 08:48

Bitcoin declined sharply below the $6,200 support against the US Dollar. BTC price found support near $5,850 and it is currently recovering towards a couple of key hurdles. Bitcoin is correcting higher from the $5,846 swing low against the US Dollar. The price is showing positive signs above the $6,000 level, but there are many hurdles on the upside. There was a break above a key declining channel with resistance near $6,080 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to face a strong resistance near the $6,300 and $6,350 resistance levels. Bitcoin Correcting Losses Recently, there was a steady decline in bitcoin from well above the $6,500 support against the US Dollar. BTC price even broke the key $6,200 support area and the 100 hourly simple moving average. The bears were able to push the price below the $6,000 support area. The price traded as low as $6,846 and it is currently correcting higher. There was a strong recovery wave above the $5,950 and $6,000 levels. Bitcoin surpassed the 23.6% Fib retracement level of the downward move from the $6,875 high to $5,846 low. Moreover, there was a break above a key declining channel with resistance near $6,080 on the hourly chart of the BTC/USD pair. Bitcoin Price The pair is now trading near the $6,200 resistance area (the previous support). On the upside, there are many key hurdles, starting with $6,300. The main resistance is near the $6,350 level and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $6,875 high to $5,846 low is also near the $6,360 level to act as a key hurdle for the bulls. If the bulls gain pace above the $6,300 and $6,350 resistance levels, there are chances of a steady rise in the coming sessions. The next major resistance is near the $6,500 and $6,650 levels. Limited Recovery If bitcoin fails to continue above the $6,200 and $6,300 resistance levels, it could start a fresh decline. An initial support on the downside is near the $6,000 and $5,950 levels. The main support is now near the $5,850 level, below which there is a risk of a larger decline in the coming sessions. Technical indicators: Hourly MACD – The MACD is currently gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is back above the 50 level. Major Support Levels – $6,000 followed by $5,950. Major Resistance Levels – $6,200, $6,300 and $6,350. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69156.99 (+0.21%)
Объем 24H $32.081b
Изменеия 24h: 1.11 %, 7d: 0.89 %
Cегодня L: $68769.56 - H: $69171.84
Капитализация $1362.903b Rank 1
Цена в час новости $ 6477.66 (967.62%)

bitcoin against support recovering dollar currently towards

Источник: newsbtc.com

bitcoin against → Результатов: 126


Фото:

Bitcoin maximalists blast Ethereum’s Vitalik Buterin after he cautioned against buying crypto with personal loans

Ethereum’s founder Vitalik Buterin has recently advised against a crypto-investment style that recently went viral on crypto-twitter. Peter McCormack, a Bitcoiner who loaned $46,250 to purchase Bitcoin was a subject for discussion among crypto-twitter, who were largely displeased with the Bitcoiner’s investment choices.

2020-12-17 22:56


Here are the two major reasons Ethereum dropped 50% against Bitcoin in the past 7 months

Since May 2019, the price of Ethereum has dropped by around 50 percent against Bitcoin. The ETHBTC pair across major exchanges declined from 0.0347 BTC to 0.01762 BTC within seven months. Behind the lackluster performance of Ethereum against Bitcoin since 2019 are: a correction in the crypto market in the latter half of last year […] The post Here are the two major reasons Ethereum dropped 50% against Bitcoin in the past 7 months appeared first on CryptoSlate.

2020-1-8 13:42


Фото:

Poland Bitcoin Community Files Complaint Against Bank Account ‘Denials’

Poland’s cryptocurrency industry lobby group the Polish Bitcoin Association (PBA) confirmed it has complained to regulators about banks’ denial of services to businesses June 27. Banks ‘Aim To Remove Virtual Currency’ In a statement sent to the Office of Competition and Consumer Protection (OCCP), the PBA cites financial institutions closing and denying bank accounts as proof they “clearly aim at removing virtual currency entities from the market.

2018-6-30 07:00


Фото:

U.K. Banks Warned to Be Careful With Cryptocurrencies

The Bank of England has warned U. K. lenders to study cryptocurrencies before doing business in the space. In a letter sent out to the financial institutions in the country yesterday, the Bank of England Deputy Governor Sam Woods warned financial companies to take appropriate steps to protect themselves against "exposure to crypto-assets" which he believes are susceptible to "fraud and manipulation, as well as money-laundering and terrorist financing risks.

2018-6-29 18:17


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Is This The Biggest Bitcoin Bull Run Ever? Analyst Says Yes!

Crypto analyst TechDev (@TechDev_52) recently shared a detailed chart analysis suggesting that Bitcoin might be on the cusp of its most significant breakout to date. This analysis, backed by historical patterns and technical indicators, points to a potential shift in the market that could lead to unprecedented price levels for Bitcoin.

Bitcoin ‘Realized Volatility’ Showing Very Rare Trend: What Could Be Next

Data shows that the Bitcoin Realized Volatility metric has fallen to historically low levels. What generally happens after this pattern forms? Bitcoin Realized Volatility Has Decline To Extreme Lows Recently In a post on X, CryptoQuant author Axel Adler Jr has discussed about the latest trend taking place in the Realized Volatility of Bitcoin.

How High Can Bitcoin Go Before A Top? Analyst Chimes In

An analyst has explained how the Bitcoin rally could still have room to run before hitting a top based on the data of this indicator. Bitcoin Macro Oscillator Isn’t At Historical Top Zone Yet In a new post on X, analyst Willy Woo has discussed the recent trend developing in the Bitcoin Macro Oscillator (BMO).

Halving Woes Already Over? Bitcoin Hashrate Smashes All-Time High

On-chain data shows the Bitcoin mining hashrate has sharply rebounded from its post-Halving lows and has achieved a new all-time high (ATH). 7-Day Average Bitcoin Mining Hashrate Has Just Set A New ATH The Bitcoin network runs on a consensus mechanism known as the “proof-of-work” (PoW).

Bollinger Bands Inventor Foresees Bitcoin Pullback: Key Levels To Watch

Renowned financial analyst John Bollinger has recently issued a caution regarding the potential for a Bitcoin pullback. After BTC price surged from below $66,000 to almost $72,000 at the beginning of the week, Bollinger, the creator of the widely utilized Bollinger Bands indicator, pointed to specific features in the Bitcoin price chart that suggest a consolidation or pullback could be imminent, though he clarified that his perspective was not bearish on a longer term.

Perennial Bitcoin Accumulators Bought Big Ahead Of Rally, Data Shows

On-chain data shows that Bitcoin addresses with zero sales histories participated in a big accumulation before this recovery run started. Bitcoin Inflows To Accumulation Addresses Sharply Spiked Recently As explained by an analyst in a CryptoQuant Quicktake post, the accumulation addresses on the Bitcoin network have shown some significant inflow activity recently.

Bitcoin “Profit-Taking Has Completed,” Top Analyst Reveals

An analyst has explained how profit-taking looks to have finished for Bitcoin in what has been a “very healthy reset” for the market. Bitcoin SOPR Suggests Profit-Taking From Investors Has Cooled Off In a new post on X, analyst Willy Woo has discussed about the latest trend occurring in the Bitcoin Spent Output Profit Ratio (SOPR).