• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Forex News

Bitcoin (BTC) Consolidating Before the Next Leg Higher or Running Out of Steam?

Forex Tips by Forex Tips
August 18, 2020
in Forex News
0
BTC/USD Price – Lack of Clear Direction
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Bitcoin (BTC) Price, News and Analysis:

  • Bitcoin consolidating after a strong week.
  • Short-term higher-lows and the 20-dma need to hold.

Bitcoin Trading
Bitcoin Trading

Recommended by Nick Cawley

Get Your Free Introduction To Bitcoin Trading

Bitcoin (BTC) Back Above $12,000

The cryptocurrency market has nearly tripled in size since the mid-March lows, with Bitcoin rallying hard from $3,910 to $12,470 yesterday. The move higher has been fairly consistent with the few sharp sell-offs seen since March being used as buying opportunities. The mid-May bullish 20-dma/200-dma crossover added a bullish shove while the 20-dma/50-dma crossover near the end of July saw the move higher gain extra momentum. The recent rally has seen the CCI indicator move into overbought territory for the first time in three months, while volatility, using ATR, is also near a multi-month high. While the path of least resistance is for higher prices, there may need to be a period of consolidation before the next move.

The daily BTCUSD chart shows the 20-dma providing support and this should remain the case in the short-term. Initial support is seen around $11,600 off three prior low prints and the 20-dma, while lower down the $11,100 area should provide stronger support. A pair of swing lows dating back to late-June and mid-July 2019, at $13,188 and $13,853 respectively, remain firmly in the bulls’ crosshairs. Short-term trading may soon become whippy, using the ATR as a guide, but any consolidation may offer an opportunity for Bitcoin bulls, as long as the previously mentioned support levels hold.

Traits of Successful Traders

Traits of Successful Traders

Recommended by Nick Cawley

Traits of Successful Traders

Bitcoin (BTC) Daily Price Chart (January – August 18, 2020)

Bitcoin (BTC) Consolidating Before the Next Leg Higher or Running Out of Steam?

How to Use IG Client Sentiment in Your Trading

How to Use IG Client Sentiment in Your Trading

Recommended by Nick Cawley

Improve your trading with IG Client Sentiment Data

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.





Source link

Share76Tweet47

Related Posts

Dow Jones Eyes Support, Straits Times Faces Singapore General Election

Copper Trading Tips and Strategies

by Forex Tips
March 4, 2021
0

Copper Trading: Copper Trading Tips and StrategiesCopper is a highly tradeable commodity.Copper is priced in US Dollars; so the...

How to Trade After a News Release

by Forex Tips
March 3, 2021
0

Traders need to learn how to navigate volatile markets by implementing a solid trading plan and adopting sound risk...

BTC/USD, ETH/USD Bullish Reversal at Hand?

by Forex Tips
March 2, 2021
0

Bitcoin, Ethereum, Goldman Sachs, Citigroup, Cryptocurrencies – Talking Points:Citigroup and Goldman Sachs recent endorsement of the cryptocurrency market could...

Australian Dollar Unfazed by Chinese PMI as RBA Meeting Shifts Into View

by Forex Tips
March 1, 2021
0

Australian Dollar, Caixin PMI, RBA, Bond Yields, Yield Curve Control – Talking Points:The Australian Dollar briefly drifted lower on...

Outlook for EUR/USD Negative Longer Term

EUR/USD Outlook Improves as German Bund Yields Rise

by Forex Tips
February 28, 2021
0

Fundamental Euro Forecast: BullishThe European Central Bank’s Governing Council has clearly decided to stress to the markets that it’s...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.