Bitcoin Price Breaks Above Long-Term Trendline
Bitcoin price is slowly advancing after hitting $235 and 1440 CNY in an xbt.social forecasted breakout. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 14h18 UTC. Bitfinex 15-Minute Chart. Why The Preference For BTC-China Charts In Analysis? From the analysis pages of xbt.social, earlier today: Up close to the BTC-e chart and the continuing consolidation. This is not the price pattern that we're used to seeing during consolidation prior....
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Bitcoin (BTC) is at risk of extending its ongoing downside correction as it breaks below a so-called “legacy trendline.” As spotted by an independent, pseudonymous chart analyst, the said trendline was acting as a support to Bitcoin since March 2020. On September 30, the BTC/USD exchange rate fell below the price floor and flipped the Ascending Trendline into resistance. The pair lately tested it twice for an upside breakout, but with no success. The TradingView […]
Yesterday's in-depth analysis identified a Bitcoin price channel that forecasts a potential decline low near $200. This low is not a foregone conclusion but remains a potential target as long as price remains below the critical trendline that has provided long-term support and resistance since early 2012. Weekly Bitcoin Price Channel. Here is the weekly BTC-China chart that was presented in yesterday's longer-term analysis: The red dot indicates where price had initially bounced upwards from the critical line of support (red dotted trendline). During last week's sell-off the trendline was....
Bitcoin price followed a gold price move that broke above resistance today. The move, in both charts, comes as a surprise and we have to adjust our outlook. Bitcoin price has pushed above a constraining trendline, and this event invalidates the expectation that price was building a base for advance. Interesting to note that the gold price surged above long-term support (at $1,150) just prior to the bitcoin price chart trendline breach. Gold price is annotated in pale blue in the chart above (taken a few minutes prior to the bitcoin price surge) The wave up is reverse diverged to January....
Bitcoin price is climbing in a choppy advance. Is this the base of a large advance, or just an upward correction in a sideways spell? No telling what is happening in the chart… a setup for advance, or decline? Or a long consolidation above $550? The 1hr chart (not shown) continues to signal wildly and we pay it no mind. However, the 4hr chart (above) is interesting because it had previously given us a false buy signal, and is now on the verge of signaling a sell signal. Do we believe it? Not without 1hr confirmation, and the 1hr chart is nowhere near signaling decline in any of its....
Bitcoin bulls celebrated BTC’s push through a long-term trendline resistance, but has anything actually changed? On Oct. 4 and 5, Bitcoin (BTC) took another step through the $20,000 mark, bringing the price above a long-term descending trendline that stretches all the way back to April 22 or Nov. 15, depending on one’s style of technical analysis.Some traders might be feeling a bit celebratory now that the price trades outside of the descending trendline, but have any relevant metrics or macro factors changed enough to support a bullish point of view for Bitcoin price? In reality, BTC....