Bitcoin Price Analysis 15
Bitcoin Price Key Highlights
Bitcoin price could turn upon testing the triangle resistance around $420-430, possibly heading towards the bottom again.
Bearish Technical Signals
The 100 SMA is below the 200 SMA so the selloff could resume at some point. However, bitcoin price recently broke past the longer-term 200 SMA so a reversal might also be possible.
Stochastic is already indicating overbought conditions and is embarking to turn south so price might go after suit zometeen on. RSI is also te the overbought area spil well, indicating that bullish momentum is about to fade.
Te that case, bitcoin price could still make a test of the triangle resistance before resuming its selloff to the bottom at $380. If bearish momentum gets strong enough, a downside pauze might even be possible, taking it down to the triangle lows closer to $300.
On the other mitt, a surge te bitcoin-buying could spur an upside pauze of resistance and a climb to the next ceiling at $460-470. Sustained rallies could lead to a test of the previous year highs closer to $500.
Strong gegevens from the US economy wasgoed enough to keep risk appetite te play via the week, spil bitcoin price typically rises when investors are greedy for higher-yielding assets. The terugwedstrijd of Chinese investors from their Defecto Fresh Year holidays could keep this market phenomenon ter play, setting the stage for more bitcoin gains.
US banks are closed for the Voorzitter’s Day holiday today which means that there’s lower liquidity ter the financial markets, paving the way for more volatile price activity. There are no reports lined up from the US economy.
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Earlier today, the Chinese trade vaivén strike expectations with a broader than expected 404 billion CNY surplus frente a the projected 389 billion CNY surplus. This might be enough to keep traders certain and risk-hungry, propping bitcoin price up for the surplus of the day.
Financial futures are also ter the green so far, following Friday’s strong stock market gains. Commodity prices are also looking constant spil crude oil is supported by speculations that OPEC member nations are gearing up to discuss potential production cuts. Any indication that they’d come up with a compromise to keep oil supported could also keep risk-taking ter play.
Levels to See
- Longer-term triangle resistance at $420-430
- Cracked short-term triangle resistance at $380 for a pullback, which lines up with the long-term triangle support and 100 SMA
- Near-term support at $400 or 200 SMA dynamic inflection point
- Next area of rente at $465 on upside triangle breakout
- Previous year high at $500 on strong bitcoin price rally past triangle resistance
- Possible floor at $300 on downside triangle breakout
- Intraday support – $380
- Intraday resistance $420
Technical Indicators Settings:
- 100 SMA and 200 SMA
- RSI (14)
- Stochastic (8, Trio, Trio)
Charts from Bitstamp, courtesy of TradingView