Bitcoin Price Looks North After Passing $6.4K Resistance

Bitcoin (BTC) is teasing a decent bullish move, having cleared crucial resistance a few hours ago.

The leading cryptocurrency moved past $6,400 earlier today, signaling that bearish exhaustion – as indicated by Tuesday’s spinning bottom candle – is paving way for a corrective rally.

in het bijzonder, the positive price action was preceded by a solid defense of the long-term trendline connecting the June low and Aug. 11 low and an upside break of the symmetrical triangle.

Als gevolg, the stage looks set for an upside move. Echter, caution is still the name of the game, as the bearish moving averages (AMs) could work as hurdles and complicate the recovery.

At press time, BTC is aan het veranderen handen bij $6,450, having clocked a high of $6,490 earlier today, volgens Bitfinex data.

hourly chart

The symmetrical triangle breakout, gezien in de bovenstaande tabel, indicates a bullish reversal, meaning the sell-off from the recent highs above $7,400 has ended and the bulls have regained control.

Verder, the 50-hour and 100-hour MAs are beginning to curl up in favor of the bulls. Zo, while there is a reason to be optimistic here, the downward sloping (nors) 200-hour MA is warning the bulls against being too ambitious.

Daily chart

Over on the daily chart, the persistent bear failure to penetrate the lower end of the pennant pattern is finally yielding a bullish move. A UTC close today above $6,400 would further cement the short-term bullish case.

Echter, als van het schrijven, the downward sloping (nors) 10-day moving average, is putting brakes on the price rally.

Uitzicht

  • The bullish price action on the hourly and daily chart indicates BTC could test the 10-week MA of $6,847 in a day or two.
  • The bearish moving averages may slow down the pace of the bullish move, but are unlikely to derail the corrective move higher. Bovendien, price action always supersedes lagging indicators like the moving averages.
  • A downside break of the pennant pattern seen in the daily chart would revive the bearish view.

openbaring: De auteur houdt geen cryptogeld activa op het moment van schrijven.

Golden compass image via Shutterstock; Grafieken door Trading View

Join 10,000+ handelaren die bij ons komen om hun ogen op de hitlijsten en aanmelden voor Markten Daily, verzonden maandag-vrijdag. Door in te schrijven, gaat u akkoord met onze voorwaarden & voorwaarden en privacy policy

De leider in blockchain nieuws, CoinDesk is een media-stopcontact dat streeft naar de hoogste journalistieke normen en houdt zich aan een strikte set van redactionele richtlijnen. CoinDesk is een zelfstandig opererende dochteronderneming van Digital Currency Group, dat belegt in cryptocurrencies en blockchain starters.

Laten we advertenties blokkeren! (Waarom?)

Bron: Coindesk

bezig met laden...