Bitcoin Bulls Risk Losing Uptrend Line From Sub-$20K
Bitcoin price is back under $57,000 after losing an important trend line that has supported the cryptocurrency’s now historic uptrend. The critical uptrend line began just after the leading cryptocurrency by market cap cracked back above $20,000 for the first time, and it never looked back since. Losing such a line, however, could lead to the first extended return to prices previously traded at, requiring a stronger bounce before the Bitcoin bull run resumes. Bitcoin […]
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Bitcoin price is once again testing the rising trend line support and might be due for another bounce to its previous highs and beyond. Bitcoin price already bounced off the 61.8% Fibonacci retracement level at $428.58 and appears ready to climb to the swing high at $447.94. However, buyers still seem hesitant and are still waiting for more bulls to join the fold. For now, price is stalling at the 50% Fib at $432.15 and might need another quick test of the trend line, which lines up with the 100 SMA. Speaking of the moving averages, the short-term 100 SMA is still above the longer-term 200....
Bitcoin price could be starting a new uptrend but it needs to find support at the nearby Fib levels before confirming this climb. Risk-on flows appear to be supporting the cryptocurrency and weighing on dollar demand. Bitcoin price appears to be starting a new trend on its short-term time frames, as an ascending trend line can be drawn to connect the recent lows of price action. Technical indicators are also hinting at a start of a short-term uptrend, with the moving averages looking prime for an upward crossover. Using the Fibonacci retracement tool on the latest swing high and low....
Bitcoin price is still hovering close to the long-term rising trend line but could be trying to resume its rally. Bitcoin Price Key Highlights. Bitcoin price has been trending higher on its longer-term time frames, moving above a rising trend line visible on the daily chart. Price recently tested the trend line support and made a bounce, which suggests that bulls are intent on keeping the uptrend intact. The rally is still finding legs but there are technical arguments for a continuation of the climb. Technical Indicators Signals. The 100 SMA is above the longer-term 200 SMA on this time....
Bitcoin Price Key Highlights. Bitcoin's price suffered a quick selloff last week, but the uptrend line on the 4-hour time frame held. This suggests that bulls might be able to stay in control for the remainder of the year, potentially taking Bitcoin back to its yearly highs. Bitcoin prices could make it all the way up to the $500 level if bulls continue to keep pushing higher, although another sharp selloff might be possible. Potential Support Zones. With the end of the year fast approaching, profit-taking activity could take place as traders want to close out with gains. For the bulls,....
Bitcoin is currently caught within the throes of an intense uptrend, with bears being unable to slow its ascent The strength of this uptrend has been quite intense, and seems to indicate that significantly further upside could be imminent The lower and mid-$19,000 region does hold some intense resistance for the cryptocurrency, and another rejection here could strike a heavy blow to bulls That said, the macro strength seen by BTC indicates that a move […]