DayOfCrypto
  • Home
No Result
View All Result
DayOfCrypto
No Result
View All Result
DayOfCrypto
Home Other
bitcoin-(btc)-price-showing-positive-signs-but-lacking-momentum

Bitcoin (BTC) Price Showing Positive Signs But Lacking Momentum

by Admin
November 5, 2019
in Other
289 3
0
Share on FacebookShare on Twitter

  • Bitcoin price is up around 3% and it climbed above the $9,400 resistance against the US Dollar.
  • The price is currently correcting lower after tagging the $9,600 resistance area.
  • There is a key bullish trend line forming with support near $9,340 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Both Ethereum and ripple are showing positive signs above $182 and $0.2950 respectively.

Bitcoin price jumped recently above $9,400 and $9,500 against the US Dollar. BTC price is currently correcting lower and it is likely to find support near $9,340 and $9,300.

Bitcoin Price Analysis

In the past two sessions, bitcoin started a steady rise from the $9,100 support area against the US Dollar. BTC broke the key $9,400 resistance area and settled above the 100 hourly simple moving average.

Moreover, the price rallied above the $9,500 resistance area. Finally, a high was formed near $9,600 and the price is currently correcting lower. It corrected below the $9,480 level, plus the 23.6% Fib retracement level of the recent upward move from the $9,081 low to $9,599 high.

At the outset, bitcoin is trading near the $9,400 support area. If there are more downsides, the price could test the $9,340 and $9,320 support levels (the previous resistance levels).

Besides, the 50% Fib retracement level of the recent upward move from the $9,081 low to $9,599 high is near the $9,340 level. More importantly, there is a key bullish trend line forming with support near $9,340 on the hourly chart of the BTC/USD pair.

If there is a downside break below the trend line, the price could decline below $9,300. Additionally, the next major support is near the $9,240 level and the 100 hourly simple moving average.

Any further downsides might push the price towards the $9,200 support area. Conversely, bitcoin price may perhaps rise again if it stays above $9,340 and $9,300.

An initial resistance is near the $9,480 and $9,500 levels. A successful break above the $9,500 resistance is likely to spark another rally towards the $9,600 level. The next key resistance on the upside is waiting near the $9,800 level.

Bitcoin Price

Looking at the chart, bitcoin is showing many positive signs and the recent rally above $9,400 was bullish. In the short term, there could be a downside correction, but the price remains well supported near $9,340 and $9,300. The main uptrend support is near the $9,200 level, below which the price could move into a bearish zone.

Technical indicators:

Hourly MACD – The MACD is a about to move into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 50 level.

Major Support Levels – $9,340 followed by $9,200.

Major Resistance Levels – $9,480, $9,500 and $9,600.

The post Bitcoin (BTC) Price Showing Positive Signs But Lacking Momentum appeared first on NewsBTC.

Admin

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Popular Tag

Adoption Banks Binance Binance Coin Bitcoin Bitcoin Cash Bitcoin Price Bitcoin Regulation Bitcoin SV Blockchain Central Bank China Coinbase Crimes Cryptocurrencies Cryptocurrency Exchange EOS Ethereum Ethereum Price Facebook Germany Government Investments Japan Law Libra Litecoin Markets Market Update Mining Payments Regulation Ripple SEC Security South Korea Stablecoin Stellar Switzerland Tokens Tradings Transactions USA Wallet XRP

Recent News

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

November 8, 2020
Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

November 8, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback
  • Log In
  • AMP
    • View AMP version