Connect with us

Hi, what are you looking for?

The Freedom RightThe Freedom Right

Economy

The price of Bitcoin is in a rush towards the $29000 level

The price of Bitcoin is in a rush towards the $29000 level

On September 11, the price of Bitcoin started the current bullish rally from the $24920 level.

Bitcoin chart analysis

Today’s chart review will be on a four-hour time frame in order to give us a broader overview of Bitcoin price movements in the previous period, and based on that, we will analyze the future potential trend.

On September 11, the price of Bitcoin started the current bullish rally from the $24920 level. By the end of that week, we managed to climb up to the $26,800 level. In the following week, bitcoin continued to grow up to $27500, and there it encountered the first obstacle. After that, we see a bearish consolidation to support at the $26000 level.

Initiation of a new bullish consolidation

The price gets the desired support at the $26,000 level and initiates a new bullish consolidation that formed a new high at the $28,592 level last Monday. We encounter new resistance at that level and pull back to the $27,200 support level. There, we form a higher low and start the current bullish consolidation that pushes us to the $28000 level.

During this period, we have support in the EMA50 moving average, which gives us optimism that we could climb up to the $29,000 level. In this way, we form a new higher high and confirm the dominance of the bullish trend. The previous time we were in that zone was in the last week of August.

For a bearish option, we need a pullback below the EMA50 moving average and a $27,000 support level test. If we could see it on the chart, we could think about a further fall in the price of Bitcoin to lower previous levels. The decline could be deeper to support in the $26000-$26200 zone. The current picture tells us that Bitcoin is in a bullish surge, and there is no bearish indication on the chart on the 4h time frame.

 

The post The price of Bitcoin is in a rush towards the $29000 level appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Investing

    Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

    Editor's Pick

    By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...

    Stock

    A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...

    Investing

    Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

    Disclaimer: thefreedomright.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2020-2024 The Freedom Right. All Rights Reserved