Bitcoin Price Capitulates: Retest or Breakout?
In this morning's Bitcoin price watch piece, we highlighted the levels we were looking at in the Bitcoin price for today's session, and suggested we would look to get in on any breakout volatility-dependent upon whether the action allowed us to maintain a positive risk/reward profile. Action has now matured, and as we head into tonight's Asian session, what are the levels we are looking at this evening, and how can we look to get in and out of the markets according to our intraday strategy? As ever, take a glance at the below chart to kick things off, and to gain a little insight into how....
Related News
Earlier today, in the first of our twice-daily Bitcoin price watch pieces, we documented the breakout above $400 we saw last night. Traditionally, strong psychological levels (such $100, $200, $500, $1,000 etc.) will initiate the kind of volatility we saw on the break, and when they are broken to the upside, will often retest as support. Conversely, but similarly, when a key level breaks to the downside, it will often retest as resistance. In this instance, however, we've not seen this retest. Price has stayed buoyant despite the inevitable run of profit taking, and this suggests there is....
The Bitcoin price action was marked by ups and downs in the just concluded week, serving as a reminder of the volatile nature of the digital asset. According to price data, Bitcoin has just completed a retest of the downward sloping trendline that has limited its price rallies since March. Related Reading: Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? As analyst EGRAG CRYPTO pointed out, the only thing left is for a complete body closure on the weekly timeframe. This closure will be pivotal in determining the next phase of Bitcoin’s price action,....
Egrag, a crypto analyst, today presented his medium-term predictions for the XRP price on X (formerly Twitter). He backed up his projections with the 3-day chart and pointed out several potential price points that investors should watch out for. Analysis Of The 3-Day Chart XRP/USD Egrag’s chart, based on Binance’s 3-day XRP/USDT pair, suggests that XRP is currently in the midst of a crucial breakout retest phase. He emphasized the current market dynamics by saying, “What’s happening right now is merely a retest of the breakout; the true pump is still on the horizon,....
After a recent breakout, PEPE has experienced a notable drop as it moves to retest crucial support levels. This retest is crucial for the cryptocurrency, as it will determine whether the bullish momentum can continue or if the price will struggle to hold above this level. The aim of this article is to analyze PEPE’s recent price action as it drops to retest critical support at $0.00000766 following a breakout. It will examine whether this support level can hold and lead to a rebound, potentially setting the stage for a renewed upward trend, and explore potential scenarios for its....
Decentraland (MANA) is at a critical juncture as it faces a key trendline retest that could determine its next major move. With the price hovering near a crucial support level, market watchers are keen to see whether MANA will hold the line and spark a bullish reversal. A successful defense of this trendline could trigger an upsurge, propelling the cryptocurrency to new highs. However, failure to hold could lead to increased volatility and uncertainty. All eyes are now on MANA’s ability to withstand the pressure and potentially set the stage for a significant breakout. This article aims....