Skip to main content

Bitcoin (BTC) At $29,000, How Long Will The Consolidation Continue?

Bitcoin remained consolidated over the last 24 hours, altcoins however, have dipped on their charts. Over the last week, the king-coin continued to register lateral price movements on the charts. Ever since November, 2021, price of Bitcoin has consistently moved on the downside.

On the longer time frame, Bitcoin has continued to show signs of upcoming bearishness. On a comparatively, shorter time frame the king-coin might be hinting at a price reversal.

Over the last 24 hours BTC made no gains. In the last week, it lost about 2% as the coin was mostly consolidating. Currently, BTC is sandwiched between $28,000 and $29,000 as those two levels have been acting as the coin’s crucial demand zone.

The buyers seem to have clearly given up on the initiative to lead the price action and with continued strength from sellers, BTC might be eyeing the $20,000 price level.

Bitcoin Price Analysis: One Day Chart Bitcoin was priced at $29,000 on the one day chart | Source: BTCUSD on TradingView

BTC was priced at $29,100 at the time of writing. The coin had formed a descending channel ever since November 2021 highlighting an extended bearish phase. The coin has touched $69,000 in the month of November, which is considered the all-time high for the coin.

Currently price of BTC is laterally trading between $29,000 and $28,000. A fall below which can push price of the coin to as low as $19,000. Overhead resistance for the coin stood at $30,000 and for bearish thesis to be invalidated BTC needs to trade above $31,000.

Broader market strength and buyers will be required in order to BTC to move northwards on its chart.

Technical Analysis Bitcoin registered a rise in buying strength on the four hour chart | Source: BTCUSD on TradingView

Bitcoin’s short term time frame looked optimistic pointing towards a price reversal on the charts. The coin formed a descending wedge pattern on the chart (yellow).

A descending wedge pattern is related to a trend reversal and that can be considered bullish for BTC. Usually after a period of consolidation, explosive price actions are often due.

On the Relative Strength Index, the indicator climbed and reached the 50-mark which meant buyers were returning in the market. This signified positiveness in the market.

Price of BTC was still under the 20-SMA which meant that sellers were still driving the price momentum. An increase in buying strength can push BTC above the 20-SMA line.

Related Reading | Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?

Bitcoin flashed buy signal on the four-hour chart | Source: BTCUSD on TradingView

Technical outlook on the four hour chart all point towards a price reversal. The Awesome Oscillator dictates the price momentum in the market. AO flashed green histograms which is also tied with a buy signal which reaffirms the readings on the RSI.

The Bollinger Bands displays price volatility in the market, and if the bands are tight and constricted and period of price volatility could be expected. This could mean that over the upcoming trading sessions BTC might aim to rise above its immediate resistance level provided broader market and buyers extends support.

Related Reading | Ethereum Slips, What Are The Next Vital Trading Levels For The Coin?

 



from NewsBTC https://ift.tt/7qQvl1T
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...
Post a Comment
Read more

FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer

On-chain activity suggests that the hacker has sent at least 225 BTC (4.5 million) to OKX so far. Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money.  A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX so far.  1/ Myself and @bax1337 spent this past weekend looking into the FTX attacker’s deposits to ChipMixer. It appears they’ve likely been transferring a portion of the stolen FTX funds to OKX after withdrawing from CM So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX pic.twitter.com/C46JZWtktn — ZachXBT (@zachxbt) November 29, 2022 According to ZachXBT, the FTX h...
Post a Comment
Read more

2 metrics signal the $1T crypto market cap support likely won’t hold

Despite the 8.5% weekly rally in cryptocurrencies, the lack of stablecoin premiums in Asia and futures markets activity shows buyers’ lack of confidence. Cryptocurrencies broke the $1 trillion market capitalization resistance on Oct. 26, which had been holding strong for the previous 41 days. Despite Bitcoin’s ( BTC ) modest 5.5% weekly gains, the aggregate value of 20,000 listed tokens increased by 8.5% between Oct. 24 and 31. Total crypto market cap, USD (in billions). Source: TradingView The cryptocurrency market was positively impacted by a 6.3% weekly rally in the Russell 2000 mid-capitalization stock market index. Some encouraging news accompanied the positive tailwinds from traditional markets. For instance,  55,000 BTC was withdrawn from Binance on Oct. 26, a record high. Typically, analysts consider the reduced number of coins deposited on exchanges a bullish indicator, as the immediate selling pressure eases. Moreover, exchange and wallet provider Blockchain.com ...
Post a Comment
Read more