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Bitcoin Price Trend: Potential Upside Faces Resistance at 37,972Bitcoin is currently hovering near crucial support at $36,788 after breaking into an extended supply zone from $36,276 to $37,301. To sustain the upward trend, prices need a decisive move above this level and surpass the resistance at $37,972. Until then, Bitcoin's upward potential is under threat, with the Relative Strength Index (RSI) showing no change. The Awesome Oscillator (AO) also supports a subdued outlook, with its histogram bars in red, trending towards the middle line. If this continues, the AO might soon turn bearish. Increasing selling pressure could push Bitcoin below the $36,788 support, potentially testing the rising trendline support at $35,410. In a more severe scenario, the decline might extend to the psychological level of $34,000, while the Buyers' Strength Level (BSL on the chart) remains below. However, to confirm an extended downward trend, Bitcoin must break and close below the midline at $30,824 of the supply zone (currently acting as a trend-breaking tool) extending from $30,126 to $31,524. If this level fails to hold as support, BTC could slide towards $29,753.
BITSTAMP:BTCUSD
by Gwen_Humuna
1
Will Bitcoin Price Drop to $34,000?BTC needs to close above the $36,800 level for a 4-hour candle to signal a potential move. If it manages to close above $36,800, the target will be $38,500. However, if it fails to reclaim $36,800, the movement will likely start from the current level ($36,400), initially targeting the $34,200 zone and then potentially dropping to $33,400. In the previous analysis, we achieved an 8% gain. You can view the analysis in our profile. NFA.
Short
by wagmitraders
Celebrating Argentina's New President and Bitcoin's Soaring Pric Bitcoin has skyrocketed above the $37,000 mark, and we have Argentina's newly elected president to thank for this remarkable surge. Let's dive into the details and explore the fantastic opportunities that lie ahead! The recent election of Argentina's new president has brought about a wave of optimism and positive sentiment in the country. With a strong focus on economic reforms and a commitment to embracing digital currencies, the new government has sparked a renewed interest in Bitcoin. As a result, we've witnessed an incredible surge in its price, which is now soaring above $37,000! This significant milestone not only showcases the growing acceptance of cryptocurrencies but also highlights the potential for substantial gains in the market. As traders, it's crucial to seize such opportunities and make the most of this exciting time. With Argentina's new president paving the way for digital currencies, now is the perfect moment to consider a long position on Bitcoin. Here's why a long position on Bitcoin can be a game-changer: 1. Positive Market Sentiment: The election of Argentina's new president has injected a fresh wave of optimism, creating a bullish market sentiment that can propel Bitcoin's price even higher. 2. Economic Reforms: The government's commitment to implementing economic reforms and embracing digital currencies is likely to attract more investors and drive further growth in the cryptocurrency market. 3. Global Impact: Argentina's move towards embracing cryptocurrencies can have a ripple effect worldwide, potentially inspiring other nations to follow suit. This could lead to increased adoption and further price appreciation for Bitcoin. With all these positive factors aligning, it's time to consider taking a long position on Bitcoin. By strategically capitalizing on this upward trend, you can maximize your potential profits and be part of a groundbreaking moment in the crypto market. x Wishing you an exhilarating trading journey and abundant profits!
BITSTAMP:BTCUSDLong
by bryandowningqln
2
Bitcoin 4HR Triple-Top! About to Reverse to $34,500?Bitcoin (BTC/USD) is testing the Weekly Bull Channel resistance and potentially forming a triple-top reversal pattern. If the price fails to hold above $38,000, we could be looking at a pullback to the 4HR 200EMA at $34,500. How do we trade this? We're in a bull channel, which means our bias should be to the upside. With the price levels being near the Weekly Bull Channel Resistance, that long bias has to be put on hold. RSI is around 63.00, and we may form a triple top. If that happens and we get a strong reversal signal bar and confirmation, a short to the $34,500 area is reasonable with a stop loss just above $38,000. Longing at this price ($37,200) would necessarily include a stop loss just below channel support at around $36,000. A proper take profit would be at the Weekly Bull Channel resistance of $38,000, leaving us with a 2:1 Risk/Reward ratio. This could be an ideal scalp if you reduce your max position size by half, but the probability of profit longing is not high enough given the close resistance. Key Points 1. Bitcoin is still in a Bull Channel. 2. Price is Near Weekly Bull Channel Resistance. 3. Potential Triple Top Forming. 4. RSI at 63.00, There's More Downside than Upside. 5. Wait for a Sell Signal to Short. You are solely responsible for your trades, trade at your own risk! Let us know what you think in the comment section below!
INDEX:BTCUSDShort
by TraderEngineering
2
BTC/USDT BinanceBTC/USDT Binance 1H Hollow Candlesticks Since the price broke the parallel ascending channel, we saw a rise of around 40%. Currently, the Support level is predicted by the extension of the golden ratio of a Fibonacci Retracement and the Resistance level is at 38K. Also, an ascending triangle has been formed, where the rule says that since the price entered from below, at the end of the triangle, the price will move up. From an imprint of a previous movement (Bar Pattern / Fractal) we can theoretically assume a future movement that the price of Bitcoin will follow. Market Cap: $1.42T +0.70% 24h Vol: $57.41B -27.66% Dominance: BTC: 51.0% ETH: 17.5% Good Luck CryptoHellas Team
Long
by CryptoHellas
2
Bitcoin Fake-out! Failed Breakout Lead to Strong Bull Response!Bitcoin attempted to break out to the downside and escape the bull channel only to be met with a fierce rejection and rip back to $38,000. There is a slight pause at this critical price with some upside left to the top of the channel but also a good amount of downside to the 200EMA. How do we trade this? After a strong bull response like that and continuing in the bull channel, shorting is risky. If you took my last BTC 4HR idea and shorted it to the bottom of the bull channel for a 1:1 Risk/Reward, then you should already be out of that trade. Now we wait for a sell signal showing us a rejection, or you could scalp with a small position to the top of the bull channel. A long scalp would require a stop placed below the rejection low of around $34,500, leaving you with a 3:1 Risk/Reward. Key Points 1. Failed Breakout to the Downside of the Bull Channel 2. Strong Bull Response back into the Bull Channel 3. Potential Double-Top at $38,000, wait for more price action 4. Either wait for a Sell Signal or Long Scalp with a small position 5. RSI near 70, Small positions longing I would wait for some more price action before entering a trade. Wait for a strong sell signal bar closing near its low or scalp a pullback to the top of the channel. You are solely responsible for your trades, trade at your own risk! Let us know what you think in the comment section below!
INDEX:BTCUSD
by TraderEngineering
BTC to drop 7% before it goes up againBitcoin (BTC) is currently on the cusp of a market adjustment, with projections suggesting a potential drop of approximately 7%. This anticipated decrease is seen as a part of the normal ebb and flow characteristic of the cryptocurrency market. Such fluctuations, while often unpredictable, are not unusual for digital currencies like Bitcoin, which are known for their volatility. This upcoming decline in BTC's value is expected to be a temporary phase, influenced by various market factors and investor sentiments. Despite the imminent drop, market analysts are optimistic about Bitcoin's recovery post-decline. Historically, Bitcoin has shown a remarkable ability to bounce back from dips, often achieving higher values post-recovery. This pattern suggests that the forthcoming decrease could present a valuable buying opportunity for investors. Those who purchase Bitcoin during this dip could potentially benefit from significant gains during the expected rebound. This strategy of buying low and selling high is a common practice among cryptocurrency investors, who capitalize on these market cycles. Looking ahead, the forecasted dip in Bitcoin's value is viewed as a short-term event in the broader context of its market trajectory. The cryptocurrency is expected to not only recover from the anticipated 7% drop but also potentially reach new heights. This optimistic outlook is based on Bitcoin's past performance and its growing acceptance and integration into mainstream financial systems. Investors who weather the temporary downturn and hold onto their assets are likely to see their patience rewarded as Bitcoin continues to evolve and gain traction in the global financial landscape.
BITSTAMP:BTCUSDShort
by TotoParasca
ADA to start growing faster than BTCCRYPTOCAP:ADA & BITSTAMP:BTCUSD The recent performance of ADA (Cardano) suggests it is a promising buy for investors. After a strong recovery from a support level of $0.23 on October 19, ADA experienced a significant rally, soaring by 65% to reach $0.40 by November 11. Although it's trading slightly below this peak, ADA is maintaining an upward trajectory, indicating potential for further growth. The currency seems poised to reach or even surpass its upper range near $0.42, which could represent a gain of around 16% from its current value. This pattern of recovery and growth makes ADA an attractive option for those looking to invest in the cryptocurrency market. COINBASE:BTCUSD
Long
by TotoParasca
Bitcoin Price Nears $35,000 Support Amidst Market Correction"The current Bitcoin price is trading at $35,536, officially confirming a correction in the downward trend. The convergence of Moving Average Convergence Divergence (MACD) indicators shows bars extending below the 0 line, and the MACD line moving below the signal line, signaling the intersection in the official downtrend. The intensifying downward trend causes altcoins to nearly drop below $35,500 before bouncing back above the crucial support level. However, this recovery may not be sustained in the upcoming trading sessions, potentially leading to a further decline in BTC value. The next major support level is the local support line at $33,901, which could push the Bitcoin price down to $31,507. Yet, if broader market signals attempt to bring optimism to the cryptocurrency space, BTC may escape the $33,901 support level to avert a crisis. Reclaiming $35,000 as support would weaken the bearish stance, propelling the cryptocurrency above $35,500 and targeting $40,000.
BITSTAMP:BTCUSD
by Gwen_Humuna
BTC Surges to $37,900 on Optimism Over U.S. Regulatory Approval"Bitcoin hits $37,900 for the first time in a year and a half, driven by expectations of U.S. regulatory approval for a Bitcoin spot exchange-traded fund (ETF). Trader sentiment improves as the U.S. Securities and Exchange Commission (SEC) reviews 12 Bitcoin ETF applications. At the time of writing, Bitcoin is trading at $36,683 on Binance. The market-leading cryptocurrency has seen a nearly 5% increase in value over the past week.
BITSTAMP:BTCUSD
by Gwen_Humuna
2
BTC will continue to rise next weekBitcoin (BTC) is up over 120% since the beginning of the year, showing that sentiment towards the crypto asset has improved significantly. Due to the large volume of purchases, the number of wallet addresses holding more than $1 million in Bitcoin this year has jumped from 23,795 on January 1 to 81,925 now, according to data from BitInfoCharts. After a significant price rally, Bitcoin could face headwinds in the short term as investors digest macroeconomic data and events taking place this week. The Consumer Price Index will be released on November 14th, followed by the Producer Price Index on November 15th, which could lead to short-term fluctuations. Short-term retracements are healthy for long-term market trends.
BITSTAMP:BTCUSDShort
by AstronautPioneer