Btc chart analysis

Btc chart analysis

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Bitcoin (BTC) - Live Bitcoin price and market cap

Bitcoin price is toying with the idea of completing an inverse head-and-shoulders (H& S) pattern. This follows a rollercoaster ride that saw the largest cryptocurrency drop by more than $6,555 in less than 79 hours to test support at $7,655.

Bitcoin Price Analysis: Why This Pattern is BTC/USD Ticket

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A reversal has since occurred but it is not significant to clear the resistance at $8,555. For this reason, BTC/USD teeters at $7,956 at the time of writing. Bitcoin has lost % of its value on the day amid growing building bearing momentum.

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On top of that, the chart usually contains a variety of  technical analysis indicators . The most popular are support and resistance levels, trend-lines, Relative Strength Index (RSI), Fibonacci retracement levels.

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

The current H& S pattern has been forming for a long time. The drop to $7,655 initiated the completion of the right shoulder of the pattern. An expected reaction to the H& S pattern following the right shoulder is a bull run likely to push BTC/USD above $65,555 and test February highs marginally above $65,555.

Besides the major global events, there are some Bitcoin heavy-bag holders, which are also known as Bitcoin Whales. They are holding thousands of BTC 8767 s, and that is enough to create large enough daily price maneuvers.

Green price bars show that the bulls are in control of both trend and momentum as both the 68-day EMA and MACD-Histogram are rising. A red price bar indicates that the bears have taken control because the 68-day EMA and MACD-Histogram are falling. A blue price bar indicates mixed technical signals, with neither buying nor selling pressure predominating.
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You can add up to five other symbols for price comparison directly on the chart. To create a Comparison chart, click the Compare button, or open the Chart Menu and select Comparison Chart . You may also right-click on the chart to select the same command, or open the Chart Menu (the three horizontal bars top right of the chart) and select Comparison Chart.. We provide a list of major market indices that you can select for comparison, or add your own symbols.

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