Bitcoin has clearly just breached a critical level of support. Price action on June 6th is a clear indication that Bitcoin is ready to take off. However, before it can be considered a true breakout, BTC will need to break out of the current death cross formation that it has just formed. Breaking down through this level will allow Bitcoin to target a high of $37,000.
On June 26, 2018, Bitcoin (BTC) made a powerful and dramatic breakout from its Death Cross, which is a pattern that occurs when a security’s (in this case a currency’s) price falls through a significant support level to a significantly higher level. In this case the coin’s price topped out at $30,000, which was higher than its previous all-time high of $9,000. Regardless, it was the point where many investors jumped off the bandwagon and that caused the price of BTC to fall to $6,000, which it has spent as of today.
After testing out the crypto markets for the past two months, bitcoin BTC is firmly in a bullish trend pattern, as seen on the chart above. The bitcoin price has experienced a steady increase since early June, when the digital currency reached a low of $5,822. Since then, it has risen steadily, with a support base at $6k that has been tested on several occasions, before being firmly re-established. This should be considered bullish, as the next target will be $37k.Summary of the situation
- Analysis of the bitcoin price shows that the hoarding theme is becoming more active on the charts.
- A bullish breakout could occur if price breaks through the $35,000 barrier before the weekend.
- BTC is recovering from $32,500 and trading near the $33,737 mark.
- Traders do not expect a decline towards $25,000 due to strong support around $30,000.
Crypto-currency heat map by Coin360
Another week of choppy trading has come to an end, with BTC/USD gaining just 4.7%. Most altcoins trade in a range and have a downward trend. Ethereum, however, has proven to be an exception. With BTC/USD approaching $33,000, traders are taking a wait-and-see approach to avoid a backlash.
There is a double bottom pattern on the charts, where the pair goes into an uptrend after the current accumulation phase. Analysis of the bitcoin price shows that the price channel on the short-term charts is in a slight upward trend. The 20-day moving average at $36,490 indicates a price channel that sees increases near the $34,000 level.
While the price hovers around the $34,000 level, bitcoin price analysis shows a slight head and shoulders pattern on the hourly charts. The confluence of different patterns on the charts shows that moderate BTC activity will definitely pick up in the coming week, according to bitcoin price analysis.
Bitcoin price movement in the last 24 hours: Low liquidity during the weekend will not help
The BTC/USD exchange rate reached a low of $32.700, after which it recovered slightly by the end of the day. Today the price opened around $33,334 and remained more or less close to that level. At the time of writing, BTC is trading at $34.390 with a mix of green and red candles. The pair is trading in a narrow range of $1,000 and is close to upper resistance at $35,000.
Sellers are also not taking risks near the $33,000 area, as it has proven difficult to break under that anchor. Increases were significant in this price zone and contributed to the accumulation theme.
With the weekend approaching, things aren’t looking so bleak for bitcoin, as the zigzagging price action has polished off some of the negative outlook. The theme is moving towards consolidation, which could also mean that the bulls are preparing for a bullish trend in the coming days. A slight downward move could bring the price back to the $30,000 mark in the coming trading week.
Chart four hours BTC/USD: Technical indicators support a neutral outlook
Bitcoin price chartfrom TradingView
The RSI is at 54, which means that the price is moving towards the upper Bollinger Band. According to bitcoin price analysis, a minor correction is possible where the price could fall in the $33,400 support zone where the lower Bollinger Band awaits as downside support. The weekend shows a combination of wave patterns and an oblique trend line.
After falling from the all-time high of $64,500, the BTC/USD pair has seen significant consolidation. The bottom is still at $28,000, which is a significant gap between the current downtrend and the all-time highs. Therefore, bearish traders can still expect the gap to widen towards the $20,000 support area. A strong downward trend may only form when price breaks through the $30,000 pivot point.
The trend line has no excessive slope and the price channel has upward neutrality, according to bitcoin price analysis. A breakout could form near current levels when the upper Bollinger Band at $35,320 gives way to rising prices. It takes a huge crowd to put on such a performance, and weekends are not known for their long dates.
Bitcoin Price Analysis Number: Next week the stagnation should end
Looking at the long-term weekly charts, the stagnation continues in week 6. Technical signals show a neutral position and the pair is stuck in a narrow range for a long time. The accumulation is likely to lead to a bullish trend in the coming days, according to bitcoin price analysis. Altcoins will follow suit if the BTC/USD pair shows a decisive move.
The head and shoulders model has been around for almost two months now. A break above the Fibonacci extension of 3,618 could spur the bulls into action. Volume will come soon as buyers push the price above $35,900 in a decisive bullish move. Setting the support area at $33,000 is also critical to maintaining the expansion area of 1,618.
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