• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
technical analysis bitcoin

Bitcoin (BTC) Price Watch: Upside Breakout, Quick Pullback?

newsbtc by newsbtc
5 years ago
in Uncategorized
Reading Time: 2 mins read

Bitcoin Price Key Highlights

  • Bitcoin price was previously consolidating inside a rising wedge and has just surged past the top.
  • This signals that bulls are ready to charge and push price much higher from here.
  • The wedge spans around $1,000 in height so the resulting move could be of the same size.

Bitcoin price made a bullish breakout from its rising wedge pattern to signal that further gains are in the cards.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. In other words, the uptrend is more likely to carry on than to reverse. The gap between the two is also widening to signal stronger bullish momentum, and the 100 SMA is near the wedge support to add to its strength as a floor in another dip.

However, RSI is just turning after reaching overbought levels, which suggests a pickup in selling pressure. Stochastic still seems to have some room to climb so buyers could stay in control. A brief return in bearish energy could lead to a pullback to the broken wedge top around $6,800 before more buyers join in.

Note that the chart pattern spans $5,800 to around $6,800 so the resulting rally could be roughly the same height as well, taking bitcoin price to $7,800 next.

BTC/USD Chart from TradingView
BTC/USD Chart from TradingView

Market Factors

A pickup in risk-taking being pinned on the US-Mexico trade deal could be one of the factors propping bitcoin price up. Traders seem to have renewed their appetite for higher-yielding and riskier assets like stocks, commodities, and cryptocurrencies as a result. On the flip side, the dollar is also lower as traders booked profits off their safe-haven positions.

Apart from that, new data from the CFTC revealed a decline in bearish bitcoin bets, leading traders to renew expectations for a strong rebound until the end of the year. Traders are also awaiting the SEC decision on a number of bitcoin ETF applications.

Tags: bitcoin pricebitcoin signalsbitcoin technical analysisbitcoin tradingbtcusd price
Tweet123Share196ShareSend
newsbtc

newsbtc

Related Posts

Bitcoin

Bitcoin Price Trims Losses But Key Breakout Resistance Is Still Intact

1 min ago
Ripple

Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic

3 hours ago
Ethereum Security Jack Dorsey

Former Twitter CEO Claims Ethereum Is A Security, Will This Affect Prices?

3 hours ago
Aave

Aave Extends Losses But Here Are The Short Selling Targets

4 hours ago
crypto hack

Atomic Wallet Hack: Stolen Crypto Moved Through Mixing Service Linked To North Korean Hackers

4 hours ago
Bitcoin

Bitcoin Crash To $25,800 Sends 6.5% Of Supply Into Loss

5 hours ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    6 days ago
  • Willing to buy new crypto: Here are the best 10...

    6 days ago
  • Best Crypto Meme Coin Presales in 2023

    6 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Can Mooky.io Outpace Dogelon Mars (ELON) and Big Eye Coin...

    9 hours ago
  • Is Mooky the Next Breakout Star after the Impressive Gains...

    9 hours ago
  • Didn’t Make Millions With Pepe (PEPE)? DigiToads...

    11 hours ago
  • Experts are hailing InQubeta (QUBE) and Arbitrum (ARB) as...

    12 hours ago
  • Experts update ETH price prediction

    13 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.