Bircoin
BTC/USD Leg Up Eyes $13,000 For The Weekend But There Is A Catch
Bitcoin price leg-down trades $11,567 level before recovery slightly to the 50% Fibonacci level.
Bitcoin bulls could create more volume at a lower price level close to $11,000 in order to rise to $13,000 over the weekend.
Bitcoin price once again is stuck under $12,000. This comes after a sharp declines on Wednesday that saw Bitcoin spiral massively from levels above $12,200. Before that, BTC had advanced higher to test the key level at $12,500.
The lower leg tested price level at $11,567 but Bitcoin bulls fully embraced support formed by the 38.2% Fibonacci retracement taken between the last swing high of $12,495.18 to a swing of $11,119.14. While a recovery has already taken place, it has not been enough to bring down the resistance at the 50% Fibo let alone the seller congestion at the critical $12,000.
In the meantime, BTC/USD is dancing at $11,766 following a minor reversal from the 50% Fibo resistance. This shows that if buyers are not careful, sellers will have no mercy as their target is see BTC trading much closer to $11,000.
According to short term price analysis, Bitcoin is slightly in the hands of the bulls. The RSI, for instance, has recovered to a higher level. However, the recovery has not been enough to hit the midline (50). Similarly, the MACD shows that buyers are gaining traction but the recovery will not be quick as investors would like. Besides, some buyers are waiting for confirmation that Bitcoin can break above the $12,000 market again. In other words, Bitcoin is not accorded the right volume it requires for a leg up to $13,000 and then $14,000.
As the weekend session draws nigh, bulls look forward to pushing Bitcoin above $13,000. However, lack of enough trading volume could delay this mission. Meanwhile, a drop to levels closer to $11,000 could create new demand for BTC and increase the volume for a technical breakout to highs around $13,000.
Bitcoin Intraday Levels
Spot rate: $11,771
Relative change: 10.14
Percentage change: 0.09%
Trend: Short term bearish bias
Volatility: Low
#Bitcoin #BTCUSD Can Fall Back DownTraders, bit coin has come the the level that we identified in our previous analysis. Now it has formed a potential bearish pattern whcih can send it down to 9486 level again if the middle zone is broken.
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Disclaimer:
The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only. Not a financial advice or signal. Please make your own independent investment decisions.
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BITCOIN BTC SPOT Long Term forecast New Cycle (Bull Market)TA to look into optimized buy price and long term sell target
Opinions are my own, this is just an idea/forecast to be validated / invalidated by the market price action, not a guarantee of future return or investment advice by any mean, you are responsible of your own analysis, own decisions and outcomes
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BITSTAMP:BTCUSD
BTCUSD $7,900 importantBitcoin looks set to close the trading week in the red, as the number one cryptocurrency by market capitalization fails to rally from the $8,000 support level. The $7,900 level is the key level to watch today if weakness persists under the $8,000 level today. A sustained breakout of the $7,900 level is likely to trigger heavy BTCUSD technical selling towards the $7,500 support level.
• The BTCUSD pair is only bullish while trading above the $8,600 level, key resistance is located at the $8,810 and $9,100 levels.
• If the BTCUSD pair trades under the $8,600 level, sellers may test towards the $7,900 and $7,500 support levels.
1day chart's 50ema catches bulls & keep them in the rising wedgeSo we had a crazy plummet yesterday. We were long overdue for a retracement and this one was caught by the double reinforced support of both the 50EMA(in blue) and the bottom trendline of what I originally thought was just a channel..after adjusting it to the recent price action I have discovered instead it appears to be a an ascending wedge. The pice has stayed true to this wedge every since the most recent bottom so its definitly a strong source of both resistance and support. Interestingly enough the second inverted head and shoulder target I set up in the 15000s is, as you can see, the exact same price level as where the ascending wedge ends when I drew it until both lines converge...could this be simply coincdence? Who knows but it could be that our secondary head and shoulders breakout target price is valid after all. We shall have to wait and see...the closer we get to it the less the price action is gonna be able to move. It was comforting after we started the new days candle to see the 4hour chart ater a couple red candles throw out a green bullish reversal hammer patern. I'm still cautiously optimistic that with the strength behind this ascending wedge...it can help take us all the way out and break above the descending channel we've been captive of since december.