• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Price Analysis for 19/02/2016 – Short-Term Pullback?

newsbtc by newsbtc
5 years ago
in Bitcoin, Technical analysis
Reading Time: 2min read
bitcoin, btcusd
Advertisement

Bitcoin Price Key Highlights

  • Bitcoin price has been trending higher, following an upside breakout from a long-term triangle consolidation pattern.
  • Price is starting to trade above a rising trend line visible on the 1-hour time frame.
  • Price appears to be stalling around the $425 area, indicating that a pullback to the trend line might take place again.

Bitcoin price could draw support from the short-term rising trend line connecting the recent lows of price action before resuming its climb.

Potential Support Levels

Applying the Fibonacci retracement levels on the latest swing low and high shows that the 38.2% level is close to the trend line around the $413 area. A larger pullback could last until the 50% Fib at $410 or the 61.8% Fib at $405.

The 100 SMA lines up with the rising trend line and this might add to its strength as a potential support zone. In addition, this short-term MA is above the longer-term 200 SMA, confirming that the path of least resistance is to the upside and that the uptrend could carry on. Also, the moving averages are edging farther apart, reflecting a rise in bullish momentum.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Sustained buying pressure could even take bitcoin price past the previous highs of $425 onto the next resistance at $465 then onto last year’s highs at $500.

However, stochastic is already heading down from the overbought area, indicating that sellers may be taking control. If the selling pressure only lasts for the near-term, it might just be enough to trigger a quick correction to the Fib levels.

On the other hand, sustained selling momentum could spur a downside break of the trend line and start a selloff. In that case, bitcoin price might have its sights set on the next support around the 200 SMA or $400. RSI is on middle ground after coming from the overbought area but appears to be heading higher again. This indicates some degree of hesitation between buyers and sellers.

bitcoin, btcusd

Market Events

Risk appetite has allowed bitcoin price to advance against the US dollar in the past few days but it looks like traders reduced their high-risk holdings yesterday. Market watchers are getting tired waiting for a coordinated attempt from OPEC and non-OPEC nations to curb production and lift prices, thereby resulting to commodity price declines and risk aversion yesterday.

Data from the US economy has also been mostly stronger than expected recently, reminding traders that the Fed is still likely to tighten monetary policy in a few more instances this year.

For today, CPI readings are due and stronger than expected results could mean more dollar gains against bitcoin price. The headline figure is expected to show another 0.1% drop while the core figure could print a 0.2% uptick.

Also, the possibility of profit-taking before the weekend could force bitcoin price to return some of its recent wins before resuming its climb next week. Reversal candlesticks around any of the Fib levels could signal a potential continuation of the uptrend later on while long red candles could reflect a large shift to risk aversion.

Charts from Bitstamp, courtesy of TradingView

Tags: bitcoinbtcusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Latest Bitcoin Dip Did Little In Offsetting "Wildly Bullish" Bias; Here's Why

Latest Bitcoin Dip Did Little In Offsetting “Wildly Bullish” Bias; Here’s Why

4 hours ago
Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

6 hours ago
Ethereum

TA: Ethereum Outperforms Bitcoin, Why Bulls Could Aim $2,500 or Higher

13 hours ago
Bitcoin

TA: Bitcoin Trims Gains, But Here’s How BTC Could Rise Again

15 hours ago
bloody bitcoin

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

17 hours ago
bitcoin dollar dxy btcusd

Bitcoin, Coinbase Crypto Euphoria Is Blind To Potential Dollar Reversal

22 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Sign up and Get Free $30 Coupon With Nhash Cloud Mining Services

April 15, 2021

On CROSS, NFT Loans is supported

April 15, 2021

Here Come NFT + Games! WaykiChain and Chongqing Mebius Join Hands in a Strategic Partnership

April 15, 2021

Newsletter Signup


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.

COMPANY

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

Technical Analysis

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

LINKS

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 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.