• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • 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
  • Win 1 BTC
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • 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
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
bull bitcoin price BTC price
Advertisement

BTC Price Analysis: Strong Weekly Close Favors Bulls

filb filb by filb filb
5 years ago
in Bitcoin Price, Bitcoin, Markets and Prices, News, News teaser
0
Advertisement

Bitcoin (BTC price) had another very strong week, with the ETF hype continuing to apply upward pressure to price action. 


STRONG WEEK FOR BTC PRICE BULLS

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Bitcoin price [coin_price] punched through the 200 daily EMA early on Monday Morning, where it quickly became support and provided a Launchpad to the 1.618 Fibonacci target of $8,515 by Tuesday.

Using Bitfinex long-Short data; a notable 22% of long positions were closed in the run-up to the highs from $7,777, signalling profit taking by the bulls, which acted as a contra to the market buying by new market participants speculating on the ETF announcement.

Thursday saw the proposal from BATS BZX Exchange to list the Winklevoss Bitcoin Trust’s commodity-based shares rejected slamming the price sending the price tumbling back to retest the 50% Fibonacci level, where the market found support and quickly retraced back to continue consolidation into the week closing.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

WEEKLY CLOSING

Looking ahead, a similarly impulsive start to the week would see a target towards the 1.618 Fibonacci level of $9,317, which would also represent the same percentage increase which was seen following speculation on the previous ETF decision back in early in 2017.

In order to do this, Bitcoin needs to break the 50MA, which has previously acted as support. This will be seen as a significant point of control by the market and would be quite a statement. A break would then present the $10,000 psychological resistance for the bulls.

Traders may see the risk reward being out of favour at this level and therefore a consolidation above the 50MA and below the $10,000 resistance may occur should the aforementioned scenario pay out.

Another notable technically bullish signal on the weekly chart is the bullish cross of the Moving average convergence divergence (MACD), which has not happened since 24th April 2017, where Bitcoin subsequently rose from $1,200 to $19,400. As shown on the weekly chart, all three previous crosses have led to significant bull runs and new all-time highs.

MONTHLY CLOSING

Another important factor taking place mid-week, is the monthly close. As it stands, the monthly candles are bullish engulfing, meaning that, during July, the bulls have reversed all of June’s downward momentum, and more. Again, this is very encouraging and could spur some positive price action going into the new month. A close below $7,500 would be marginally bearish but seems unlikely at this stage.

Despite the positive outlook, it is important to remember that the bulls are attempting to recover from lower lows at $5,800. In order to confirm a bull market, a higher high over $10,000 followed by a higher low, must be found otherwise the bears will capitalise on any uncertainty and look to test $5,000.

Where do you think BTC price is headed? Share your thoughts below!


Images courtesy of Shutterstock, Tradingview.com, Bitfinex

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

filb filb

filb filb

Related Posts

Bitcoin BTC

Will Bitcoin And Ethereum Crash? DCG Sells Grayscale Trust Shares

1 hour ago
Bitcoin

Top Crypto Miner At Record Bitcoin Production, Bear Market Over?

13 hours ago
Bitcoin price

This Will Be Important For Bitcoin And Crypto This Week

1 day ago
New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

2 days ago
Bitcoin Derivatives Markets Volumes Show Bullish Trend After 2022 Downturn

Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

3 days ago
Bitcoin

Sri Lanka Central Bank Says Bitcoin Cannot Solve Economic Crisis

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • These 7 Best Cryptocurrencies to Buy During Presale

    2 mins ago
  • Which Is The Best Crypto Meme Coin To Invest In 2023...

    60 mins ago
  • Cardano On The Climb, Whilst Big Eyes Coin Extends 200%...

    1 hour ago
  • Big Eyes Coin can boast the biggest pre-sale in recent...

    1 hour ago
  • OptionBlitz Leverages Ethereum Layer 2 Protocol Arbitrum to...

    3 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
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • 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
  • Win 1 BTC

© 2022 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.