🔴 Analysis: BTC
As bullish indicators strengthen, bitcoin now looks set to extend gains to $11,000 or higher, chart analysis indicates.
The cryptocurrency is up 14 percent from the lows seen over the weekend and has gained almost 12 percent in the last 24 hours, according to CoinMarketCap.
Looking ahead, the cryptocurrency looks set to extend gains to the 10-week moving average (MA) of $11,385 in the next 24 hours.
As bullish indicators strengthen, bitcoin now looks set to extend gains to $11,000 or higher, chart analysis indicates.
The cryptocurrency is up 14 percent from the lows seen over the weekend and has gained almost 12 percent in the last 24 hours, according to CoinMarketCap.
Looking ahead, the cryptocurrency looks set to extend gains to the 10-week moving average (MA) of $11,385 in the next 24 hours.
The above chart (prices as per Bitfinex) shows:
- Bullish continuation pattern: the upside break of the sideways channel signals continuation of the rally from the low of $9,280 seen over the weekend. Further, the upside break is backed by an uptick in volumes. So, BTC could extend the rally to $11,000, according to measured height method.
- The relative strength index (RSI) shows overbought conditions, thus BTC may consolidate over the next couple of hours before extending the rally.
- Bullish continuation pattern: the upside break of the sideways channel signals continuation of the rally from the low of $9,280 seen over the weekend. Further, the upside break is backed by an uptick in volumes. So, BTC could extend the rally to $11,000, according to measured height method.
- The relative strength index (RSI) shows overbought conditions, thus BTC may consolidate over the next couple of hours before extending the rally.
- The daily chart shows BTC could be creating a bullish reversal pattern known as an inverse head-and-shoulders.
- The neckline resistance of the inverse head-and-shoulders pattern is seen at $11,704. Meanwhile, the descending trendline (drawn from the Dec. 17 high and Jan. 6 high) resistance is located around $11,930 today and is seen sloping downwards to $11,650 by the weekend.
- A daily close (as per UTC) above the trendline would signal a long-term bullish reversal.
- A convincing move above the trendline resistance would push the weekly RSI above the key resistance of 53.00, signaling a long-term bullish trend revival.
- The neckline resistance of the inverse head-and-shoulders pattern is seen at $11,704. Meanwhile, the descending trendline (drawn from the Dec. 17 high and Jan. 6 high) resistance is located around $11,930 today and is seen sloping downwards to $11,650 by the weekend.
- A daily close (as per UTC) above the trendline would signal a long-term bullish reversal.
- A convincing move above the trendline resistance would push the weekly RSI above the key resistance of 53.00, signaling a long-term bullish trend revival.
View:
Bitcoin looks set to test $11,000 today and could extend gains to $11,385 (weekly 10-MA). A violation there would shift attention to key resistance levels: the inverse head-and-shoulders neckline and the descending trendline.
A daily close above the descending trendline would allow for a stronger rally to $17,400 (inverse head and shoulders breakout target as per the measured height method).
Bearish scenario: Rejection at the weekly 10-MA, followed by a quick drop below $9,280 (Feb. 25 low) would add credence to the bearish weekly RSI and trigger a sell-off to $8,000-$7,800.
Bitcoin looks set to test $11,000 today and could extend gains to $11,385 (weekly 10-MA). A violation there would shift attention to key resistance levels: the inverse head-and-shoulders neckline and the descending trendline.
A daily close above the descending trendline would allow for a stronger rally to $17,400 (inverse head and shoulders breakout target as per the measured height method).
Bearish scenario: Rejection at the weekly 10-MA, followed by a quick drop below $9,280 (Feb. 25 low) would add credence to the bearish weekly RSI and trigger a sell-off to $8,000-$7,800.
BQX (Binance)
Buy price: 0.000360-0.000380
Take-profit: +20%
MA and MACD confirms the upward movement on the 1D chart. Strong buy!
Buy price: 0.000360-0.000380
Take-profit: +20%
MA and MACD confirms the upward movement on the 1D chart. Strong buy!
#SC
buy : 185 - 193
Sell midterm : 210-230 - 250 - 270 - 295
Sell longterm : 350 - 400 - 450 - 500 - 550 - 600 - 700 - 800 - 950
buy : 185 - 193
Sell midterm : 210-230 - 250 - 270 - 295
Sell longterm : 350 - 400 - 450 - 500 - 550 - 600 - 700 - 800 - 950
The descending trendline resistance and the inverse head-and-shoulders neckline are shown to converge at $11,640 by Saturday.
A high volume break (UTC lose) above $11,640 would signal long-term bull market revival and could open up towards $17,000-$17,400.
A high volume break (UTC lose) above $11,640 would signal long-term bull market revival and could open up towards $17,000-$17,400.
Bearish scenario I: BTC drops below $9,280
BTC could drop to point D ($6,659), as indicated by the bat pattern (harmonic pattern), if yesterday's inverted bearish hammer candle on the downward sloping 50-day moving average is followed by a break below $9,324.75 (Feb. 25 low), today or in the next few days.
As per rules, the leg BC could go as high as $11,502 - 88.6 percent Fibonacci retracement of leg AB. Only a move above $11,502 would invalidate the bat pattern.
Note that point D is a "bullish reversal" according to bat pattern rules, meaning BTC will likely witness a sharp rebound from $6,659.
BTC could drop to point D ($6,659), as indicated by the bat pattern (harmonic pattern), if yesterday's inverted bearish hammer candle on the downward sloping 50-day moving average is followed by a break below $9,324.75 (Feb. 25 low), today or in the next few days.
As per rules, the leg BC could go as high as $11,502 - 88.6 percent Fibonacci retracement of leg AB. Only a move above $11,502 would invalidate the bat pattern.
Note that point D is a "bullish reversal" according to bat pattern rules, meaning BTC will likely witness a sharp rebound from $6,659.
Bearish scenario II
Another possibility is that BTC moves above $11,502, but faces rejection at the confluence of inverse head-and-shoulders neckline resistance and descending trendline resistance
Failure to take out the confluence of resistance at $11,640, followed by a quick drop below $9280.4, could yield a sell-off to $6,000 (February low).
Another possibility is that BTC moves above $11,502, but faces rejection at the confluence of inverse head-and-shoulders neckline resistance and descending trendline resistance
Failure to take out the confluence of resistance at $11,640, followed by a quick drop below $9280.4, could yield a sell-off to $6,000 (February low).