• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
bitcoin price analysis chart green

Bitcoin Price Analysis: $8K Falls as Bulls Pin Hopes on Ascending Triangle

Ollie Leech by Ollie Leech
4 years ago
in Bitcoin Price, Bitcoin, News, News teaser, Trading
0

Bitcoin price analysis shows BTC/USD returning above $8,000 was short lived. But is the dream of $9,000 now dead for the bulls in the near term? Let’s take a look. 


Bitcoin Price Analysis: Recap

Today, ramped up selling pressure has extended Bitcoin’s distance from the psychological level by $200, leaving bullish traders fighting to defend the $7,800.

Looking back at the BTC/USD 30-minute chart we released yesterday, we can see that the price managed to breakout of the downtrending channel during the late hours of May 21, and rally all the way to the 1.272 fibonacci extension level at $8,105 before correcting.

From there, the asset found new support along the 1.0 fibonacci level until midday today (UTC+1 time), when bear traders forced the price action back into the downtrending channel.

Looking at bitcoin price [coin_price] right now over this time period, it appears that bullish traders have managed to regain some composure along the $7,800 level, and are attempting to pushback against the downtrend.

Bitcoin 4-Hour Chart

On the 4-hour BTC/USD chart we can see that the asset is still tracking inside the bullish pennant pattern that we identified in another analysis earlier this week, here.

By extending a trend line out from the first two highs, we can see that the most recent swing high meets it perfectly. The bull-run on May 19, however, sticks out above the resistance level (red arrow), which suggests it could have been a fake out.

Looking at the MACD indicator, it appears that buying confidence is beginning to dwindle as the 12-MA diverges further away from the 26-MA above, and selling volume on the histogram increases.

The RSI line is also downtrending as selling momentum increases behind Bitcoin.

From this, it appears likely that BTC will continue to downtrend unless bullish traders can launch an upside recovery from the $7,800 level. If this critical support fails to withstand the intraday selling pressure, then we could see bitcoin price extend its losses towards much lower supports.

Bitcoin Daily Chart

On the Bitcoin daily chart, however, we can see another promising bullish pattern beginning to form. This particular type of trading pattern is known as an ascending triangle pattern, and is characterised by increasingly higher lows meeting a flat resistance.

These patterns show that bullish traders are progressively growing stronger after each unsuccessful resistance test. What we expect to see is the price continue to make higher lows along an uptrending support until it eventually overpowers the resistance above.

From there, the asset typically breaks bullish towards a new high. In this case, the next strong resistance for BTC is likely to be around $9,000 as bullish traders edge closer towards the fabled $10,000 mark.

Looking at the MACD indicator we can see that momentum continues to be favourably bearish as the 12-MA starts to arc towards the 26-MA, and buying volume shows a marked decline on the histogram.

The Parabolic SAR indicator is also supporting a bearish continuation, with signal dots appearing above the price action.

On the RSI, the indicator line is continuing to correct back inside the channel after briefly breaking into the overbought region on May 19, as buying momentum drops. 

At this stage, if BTC price continues to decline we need to wait and see if it manages to pick up along the uptrending support of the ascending triangle pattern, to confirm that the pattern is still playing out. This is likely to be roughly around the $7,500 – $7,600 area.

If it falls through this region, then we can assume that the pattern has been rejected and that BTC is likely to bearishly reverse.

If it springboards off the support successfully however, then we will continue to monitor its interaction with the $8,200 resistance above and see if there’s an opportunity for an ascending triangle breakout.

Trade Bitcoin (BTC), Litecoin (LTC) and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.

[Disclaimer: The views and opinions of the writer should not be misconstrued as financial advice.]


Images courtesy of Shutterstock, Tradingview.com

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Ollie Leech

Ollie Leech

Avid crypto trader and analytical writer, with a Bachelor of Law from Bangor University. I've become completely addicted to the fintech space since getting involved with cryptocurrencies at the start of 2017. Since then, I've helped setup many newcomers to the market and built up a varied portfolio.

Related Posts

Bitcoin ESG

Bitcoin Is The Ultimate ESG Asset, Expert Validates

5 hours ago
Upbit

Upbit’s Dark Hour: Fake APT Tokens Wreak Havoc In South Korea

8 hours ago
Barclays

Crypto Investor Barclays Announces Closure Of UK Accounts For British Expats

1 day ago
Friend.tech

New Report Dives Into The Good, The Bad, And The Ugly Side Of Friend.Tech

2 days ago
Bitcoin

Six And Counting: The Global Bitcoin Billionaire Phenomenon Unveiled

3 days ago
Bitcoin price Fed

How Has The Fed’s Decision Impacted The Bitcoin Price? Crypto CEO Weighs In

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Axie Infinity (AXS) is Bearish as Dogecoin (DOGE) and...

    3 mins ago
  • Polkadot (DOT) and Cosmos (ATOM) Prices Might Be Hitted...

    37 mins ago
  • Big Performers Toncoin (TON) And Cosmos (ATOM) Shine...

    37 mins ago
  • Meta Tower Embarks on a New Frontier: $MT CEX Listing on...

    5 hours ago
  • Traders Fear Bitcoin Returning to $22,000, But That...

    5 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.