What's Hot

    Chinese tax authorities step up pressure on private crypto investors

    26.01.2023

    Tether will look for crypto transactions that pay for child pornography

    26.01.2023

    On-chain activity in the Optimism network collapsed after the end of the NFT bonus program

    26.01.2023
    Facebook Twitter Instagram
    Friday, January 27
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Analytics»Bitcoin (BTC) Forms a Weekly Bullish Engulfing Candlestick
    d5f944bacb3869226c1c249233114d1a16a80f39
    Analytics

    Bitcoin (BTC) Forms a Weekly Bullish Engulfing Candlestick

    AdministratorBy Administrator27.12.2021No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~ 2 m


    Bitcoin (BTC) signals the completion of the correction and the start of growth in the direction of the nearest resistance area.

    Between December 20 and December 27, Bitcoin (BTC) rose markedly and ended the week at $ 50,775. This marked the appearance of a bullish engulfing candle on the weekly chart. Such candles completely absorb and neutralize all the previous decline.

    When similar candles appeared the previous two times (highlighted in the chart), BTC rallied 49% and 40%, respectively.

    However, despite the price increase, technical indicators are still giving mixed signals.

    So, MACD is gradually decreasing. This means that the short-term MA is slowing down relative to the longer MA. However, the indicator still remains in the green zone, which suggests that the short-term MA is still ahead of the long-term in speed.

    The momentum RSI indicator is directly around the 50 mark. This is an indication of a neutral trend as the 50 level is the watershed between bullish and bearish trends.

    However, the index gives strong signals of hidden bullish divergence, which promises a continuation of the trend for the BTC rate.

    Bitcoin BTC Forms a Weekly Bullish Engulfing Candlestick

    Source: TradingView

    Bullish breakout

    On the daily chart, Bitcoin has made a bullish breakout of the downtrend resistance line that has been present on this timeframe since November 8th. This may indicate the completion of the correction.

    In addition, technical indicators are giving bullish signals.

    The MACD-Histogram formed 13 consecutive bars of upward momentum and almost entered the green zone, while the RSI almost crossed the 50 mark from the bottom up (green icons). These are all considered signs of a bullish trend.

    Thus, the daily timeframe shows more pronounced bullish signals compared to the weekly chart.

    The next nearest resistance is located between $ 55 470 and $ 58 640 (Fibo levels of 0.5-0.618 correction).

    Bitcoin BTC Forms a Weekly Bullish Engulfing Candlestick

    A source: TradingView

    On the 6-hour chart, BTC has been potentially trading within an upward parallel channel since December 4.

    At the moment, Bitcoin is in the midline of this channel.

    The resistance line of this channel also coincides with the Fibo level of the $ 55,500 retracement, which increases the significance of this area.

    1640598776 201 Bitcoin BTC Forms a Weekly Bullish Engulfing Candlestick

    A source: TradingView

    BTC Wave Analysis

    Short wave analysis suggests that the BTC rate is now in wave Y of the WXY correction structure (pink).

    If the ratio of waves W and Y is 1: 1, then Bitcoin may rise to a maximum of $ 55,400 (which is close to the area of ​​resistance we highlighted above). This move is likely to complete the longer-term B-wave (black).

    If BTC moves higher, it will confirm that we are not dealing with a retracement phase now, but a longer-term bullish trend.

    1640598776 482 Bitcoin BTC Forms a Weekly Bullish Engulfing Candlestick

    Source: TradingView

    Disclaimer

    All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website.




    #Bitcoin #BTC #Forms #Weekly #Bullish #Engulfing #Candlestick

    Bitcoin BTC bullish candlestick Engulfing Forms Weekly
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    AI Calls Bitcoin a Tool to Destroy Central Banks

    26.01.2023

    the market share of algostablecoins collapsed tenfold

    26.01.2023

    Crypto Analyst Expects Bitcoin to Rise Above $30,000 in February

    26.01.2023

    The price of bitcoin is growing due to the growth of activity of institutional investors

    26.01.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • Chinese tax authorities step up pressure on private crypto investors
    • Tether will look for crypto transactions that pay for child pornography
    • On-chain activity in the Optimism network collapsed after the end of the NFT bonus program
    • Shiba Inu Network Transferred 3 Trillion SHIB Tokens Worth $38 Million
    • AI Calls Bitcoin a Tool to Destroy Central Banks
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.