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 pro Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.

Bitcoin Price Approaches Major Resistance Zone

Share On Facebook
share on Linkedin
Print

Bitcoin has made multiple attempts since March to rise beyond $71,500.0. The failure on the fifth attempt in June sent the price searching for support. Subsequently, the price dipped towards the bullish order block at $53,000.0. Buyers appeared to have regained their momentum, as evidenced by the presence of a hammer candle on July 5, which displayed a very long wick beneath, indicating a strong take-off signal.

©

In July, the price overcame the last bearish order block of the downtrend, aided by the formation of three white soldiers, which showed strong buying pressure. A bullish order block has since formed, propelling the price further to the major resistance zone of $71,500.0.

Bitcoin Price Approaches Major Resistance Zone

Bitcoin Key Levels

  • Supply Levels: $71,500.0, $80,000.0, $100,000.0
  • Demand Levels: $59,000.0, $53,000.0, $43,600.0

What are the Indicators Saying?

When the price approached the bullish order block, the Relative Strength Index (RSI) indicated that the market was significantly oversold. The subsequent price surge above the Moving Averages (periods 9 and 21) led to a crossover, signaling a trend reversal. Currently, the RSI shows a strong bullish trend, nearing an overbought state as the price approaches the major resistance zone, which has been in place since March.

A break above this zone could lead to the price rising to the next psychological level, potentially forming a new all-time high (ATH). Conversely, a Change of Character (ChoCh) at this zone could signal a bearish reversal if the resistance level is not broken. Therefore, it is crucial to closely monitor the price action around $71,500.0.

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