Bitcoin Pullbacks after Hitting $40K; Will It Resume Its Rally?
Bitcoin posted its first negative open after rising three days in a row and hitting an all-time high above $40,000.
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Bitcoin has seen one of its first strong pullbacks posted in the time since its rally formed its latest leg higher that led it all the way up to $24,200 The rejection here proved to be quite intense, as it sparked a selloff that led the crypto as low as $22,000 this morning The support here was quite intense and helped slow its ascent, with buyers aggressively stepping up to guard against a decline below […]
Bitcoin price has been on a steady climb following a strong upside breakout, offering opportunities to join the rally on retracements. The 100 SMA is safely above the longer-term 200 SMA on this time frame, confirming that the path of least resistance is to the upside and that the trend is likely to carry on. In addition, the gap between the moving averages is widening, indicating that bulls are gaining traction. The trend line coincides with the 100 SMA, which could add to its strength as a support area. Also, that region lines up with a former resistance turned support zone around....
Bitcoin has been consolidating sideways for a couple days since hitting swing high resistance at $780. IMHO it will likely continue to consolidate thus for another day or two. However, having looked at the chart for the past day or two, I am reasonably confident that the upward trend will resume. Take a look at an 8-day chart: As you can see, the 2nd arc stopped the rally in early July. However, that arc has since yielded to buying pressure. The 2nd arc of the pair remains to be broken. It should go without saying that it could conceivably be strong enough to know price back down. Note....