• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • 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
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • 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
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
bitcoin price down again reversal next

Bitcoin Price down Again; Reversal on the Cards?

Samuel Rae by Samuel Rae
8 years ago
in Technical analysis
Reading Time: 2 mins read

Over the last week or so, we have seen some pretty volatile movement in the bitcoin price during the European session. The overarching momentum has been to the downside, and a couple of classical technical charting patterns have fueled the bears to bring us to this level at which we now trade. With all this said, looking at price action overnight on Thursday, are we likely to see a reversal of the overarching momentum as we head into the weekend, or will the bears remain in control throughout next week? Further to this, what are the key levels that we are watching in the bitcoin price to try and gain insight into any potential bias as far as getting into the market according to our scalp strategy is concerned? Take a quick look at the chart.

bitcon price

As the chart shows, we are currently trading between a pretty tight range of 240 flat to the downside – serving as in term support temporarily – and 242.89 to the upside – serving as in term resistance for today’s session. These are the two levels that will be watching during Europe. We are currently trading mid-range, so we will initially look for a break above 242.89 (in term resistance) to validate an upside target medium-term at 245 flat. This is a pretty close run target, so a tight stop loss is required; somewhere around 242 will maintain a positive risk reward profile and take us out of the trade in the event of a bias reversal.

Looking the other way, and assuming the bearish momentum continues, if we get a run down towards 240 flat we will look for a break below this level to present us with a medium-term bearish bias and an initial downside target of 238.19. Once again, this is a pretty close run target, and on these sorts of scalp trades a tight stop loss is necessary; somewhere around 241 will just about make the trade attractive from a risk management perspective while leaving us enough room to spike up and back out of the range in the event that we get a short-term reversal.

Charts courtesy of Trading View

Tags: bitcoinbitcoin chartsbitcoin pricebitcoin technical analysisbtcusdNewstrade bitcoin
Tweet123Share196ShareSend
Samuel Rae

Samuel Rae

Related Posts

Bitcoin Price Jumps

Bitcoin Price Consolidates Rally and Primed To Surge Toward $45K

15 hours ago
Cardano (ADA)

ADA Price Claims $0.40 And Recovery Could Soon Turn Into Rally

1 day ago
Ethereum Price Eyes More Gains

Ethereum Price Prediction- After 10% Surge, Is ETH Rally Just Getting Started?

2 days ago
PEPE

PEPE Inks 46% Weekly Gain – Can It Leap To The $1 Jackpot?

2 days ago
Bitcoin

Bitcoin Price Surges Over 15% In Few Days, $45K Seems Imminent

2 days ago
XRP price

XRP Price Set To Skyrocket 1,100% On This Signal: Crypto Analyst

2 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • Can Best Binary Options Brokers Capitalize on US Inflation...

    4 hours ago
  • Join the revolution: eTukTuk presale paves a fossil...

    4 hours ago
  • The most awaited DeFi project of 2024 Retik Finance (RETIK)...

    6 hours ago
  • The Bull Market Is Back! Crypto Presale Doge Uprising...

    7 hours ago
  • Become a Casino Owner With $SCORP and Earn Daily Passive...

    10 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
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • 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
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 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.