Bitcoin Technical Price Outlook: BTC / USD Trading Levels
Bitcoin prices fell this week with BTC /USD is ready to close the week by more than 11.6% – this is the biggest week / day decline since mid-May. Outside the weekly return to upswings, support for several months of uptrend has been tested and protected, with a focus on breaking this short-term interval. These are the updated targets and invalidity levels that are BTC /USD technical price charts. Overview my last Strategy webinar for a thorough breakdown from this Bitcoin configuration and more.
Bitcoin price chart – BTC / USD per day
Technical outlook: Last month Bitcoin Price prospects we noted that BTC / USD examined the uptrend resistance with a more significant threshold, but higher, at 61.8% Fibonacci retracement year decline at 51030-Search for a bigger reaction if it arrives… ”The violation that took place in the beginning of September sank only two days later, the massive leaching dropped to the top by almost 19%. The sale of panic prompted the major to critically test support Bitcoin protects against the broader upward trend of several months. Is the fix complete?
Initial daily support is based on a 200-day moving average ~ close46000 supported by the lower centerline parallel (currently ~44500). The break / day is below the June rally at 38.2% retracement at 43686 would be needed to threaten a larger correction with a scenario that reveals a 61.8% withdrawal pair – between 2021 41929 and the June rally at 37940.
Bitcoin price chart – BTC / USD per day (2018 price activity in parallel)
Quick refresh page price in parallel we have been following the structure of the downturn in 2018 – although the value of time is subtracted, the waveform remains the same. Another comparison to keep in mind is the extent of this correction from a height – the last two cases of similar leaching can be seen at the peaks of January and February. Both scenarios finally marked the new intraday trough level (after the initial washout) before proceeding and ended in reversing the broader uptrend – a similar scenario here?
Bitcoin price chart – BTC / USD 240 min
Notes: A closer look at Bitcoin pricing shows that the decline in BTC / USD will turn sharply out of the bottom parallel before concentrating back on its low in April. 47004. The short-term repeal of the bear is currently pending 49114/499 violation / closure above 51030 again it is necessary to note the continuation of the lowest half of the May opening period 52924 and 78.6% retracement at 57128.
Bottom line: The decline in Bitcoin turned off the upward trend and keeps the price in a broader upward trend in June. From a trading standpoint, the focus is on breaking this short-term consolidation just above the slope — beware of the lower parallel (blue) before the lower parallel (if blue) is exhausting, but if the price exceeds 49,499 to clear the way for the second highest attempts. The mood here has dragged on, so be quick and stick to the brackets – in the end, a break below 43,686 can see even more accelerated losses. The bulls are not clear yet. . .
For a complete breakdown of Michael’s trading strategy, review his strategy Series Fundamentals of Technical Analysis on Bcultivation a Tradiant Strategy
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– Written Michael Boutros, Currency strategist with DailyFX
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