ICOCalendar.Today

  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍
  • ICO Directory đź“–
  • ICT Token 🔥
  • Blockchain News đź—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project đź’Ł
  • Submit Press Release 👍

Bitcoin Confirms Bullish Wedge Fractal Making $10500 a Real Possibility

6/17/2020

Comments

 
bitcoin, cryptocurrency, btcusd, btcusdt, xbtusd, crypto
Bitcoin has slipped by more than 9 percent from its quarter-to-date top near $10,428. The move downhill has initiated a short-term downtrend with eyes towards $8,600. Nevertheless, the cryptocurrency is leaving behind a trail of lower highs and lower lows, forming a bullish wedge. The pattern points to an upside breakout towards $10,400-$10,500 area. Bitcoin is forming a bullish structure even as its short-term bias favors a downtrend. That is according to a textbook technical pattern known as the Falling Wedge. The indicator is confirmed when an asset plunges continuously while leaving behind reactive higher lows and higher highs. It results in two contracting descending trendlines behaving as parameters to the asset. So it appears, Bitcoin is trending downwards inside a Falling Wedge. The pattern’s top is $10,428, a resistance level from June 1 that sent bitcoin correcting lower. Since then, the cryptocurrency has tested the Wedge’s upper trendline as resistance and lower trendline as support. Bitcoin price chart from TradingView.com showing the formation of a falling wedge. Source: TradingView.com The outcome of a Rising Wedge is typically bullish. As bitcoin trends further lower and break below crucial support levels, its upside reckoning should come as it closes towards the Wedge’s apex – the junction at which the upper and lower trendlines intersect. After that, the cryptocurrency should break bullish above the upper trendline and move towards upside target near the top of the Wedge. In the current case, that high is near $10,428, which roughly puts the pattern’s bullish mark near $10,500. More Declines Ahead The conical tip of the Wedge pattern currently sits near $8,600. As bitcoin moves lower, it would eye the level for a potential rebound to the upside. The outlook makes the cryptocurrency very bearish in the short-term, given a fall towards $8,600 risks panic-selling by weak traders. A prominent analyst on TradingView.com sees bitcoin crashing to as low as $5,000 should it closes below $8,600 – a scenario that would invalidate the Rising Wedge. Bitcoin price chart from TradingView.com by top technical analyst Cryptorphic. Source: TradingView.com Meanwhile, the analyst asserted that maintaining a concrete price floor above $9,200 – a June 2020 support – would reduce the probability of a failed bullish wedge. “Any daily close below 8600 will be the right time to exit the market and position yourself in USDT! We can go way lower can even touch the 5k level,” he wrote. “Maintaining that $9200 level will save us from being bearish but if somehow BTC manages to close above the $10,500 Key Resistance, we will be entering a potential multi-year Bull Market.” Supportive Bitcoin Fractals Despite the potential setbacks, old fractals show a higher probability of Bitcoin attempting a breakout move towards $10,500. The cryptocurrency formed a similar Falling Wedge pattern between May 15 and May 27 that eventually broke to the upwards. Ultimately, the price tested and even moved above the Wedge top of $9,957, as shown in the first chart above. Bitcoin price chart from TradingView.com showing Falling Wedge fractal from 2018. Source: TradingView.com Bitcoin painted another but broader Falling Wedge pattern during the downtrend of 2018. It eventually resulted in a massive breakout that took the price from circa $3,12o to circa $14,000.

Originally from Bitcoinist.com https://ift.tt/3dcEYaW
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.