ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

Bitcoin’s Bullish Breakout Becomes Successful

Share On Facebook
share on Linkedin
Print

Bitcoin’s demand drove its value to an all-time high of $66000.0 in October 2021. A change of character (ChoCh) pattern was observed at the inception of 2022. The Bulls defended the previous support level of 32655.0 in January. The demand level was broken upon the second strike in May. The previous support level of $32655.0 became resistance after a test of the significant level was used to engineer a market selloff. On the daily chart, the market dipped further, with a bearish break of structure (BoS) witnessed in June and November. In November, the bearish trend came to an end with a test of the $15416.0 Demand level. The market moved sideways until the end of the year.

©

The new year brought volatility to the market. The Buyers rose aggressively and broke the resistance trendline. The last high, which was formed before the test of the $15416.0 support level, was swept away by a change in market direction. The market retracement to test the downward-sloping trendline after the breakout has fostered an ascent.

btcd
BTC Key Levels
Demand Levels: $24826.0, $18325.0, $15416.0
Supply Levels: $32655.0, $48061.0, $66038.0

What Are the Indicators Saying?

The Relative Strength Index and the Stochastic revealed the market was overbought as the price of BTC reached its all-time high at $66000.0. In November, the Moving Averages (periods nine and twenty-one) crossed, indicating that the market was overbought and due for a selloff. The Moving Average Period 9 swerved below the Moving Average Period 21 to confirm the bearish trend. The downward trend halted after the Stochastic and the RSI (Relative Strength Index) indicated the market was oversold at the test of the $15416.0 demand level. A retracement towards $24826.0 is currently anticipated as the Stochastic and the RSI are currently overbought.

Learn from market wizards: Books to take your trading to the next level

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com