|

Bitcoin Analysis- After a dip to 9,000, Bitcoin is again on the rise

Bitcoin

Dear traders,

Our analysis from lat time was quite productive. We managed to get into a long trade, but then our stop-loss was set to a small profit and it was triggered when the bitcoin flash crash happened. We still managed to get out of this unharmed.

We are currently seeing two daily long-legged dojis which are a sign of strong hesitance. As we have expected, the 10,000 level is a barrier that is harder to break than a lot of traders thought before.

We are currently looking at the 4 hour timeframe and are spotting a couple of interesting candlestick formations.

Let’s have a look at the chart above once again. Price went down to the level of 9,000 and then formed a small base.

There were an inside bar initially. It was then followed by two bullish engulfing patterns as shown on the image above.

These are all bullish signals. As long as we don’t see a second rejection of the 11,000 level, we are prone to think that price might continue the rise.

For now, we are looking for a small retracement and then a possible long trade. Our hypothetical target is the level of 11,000. Then, it depends on price action.

Happy Trading,

BBB

Author

Ben Hooda

Ben Hooda

Best Online Bitcoin Brokers

I have worked as a prop trader in two of the leading prop trading houses in London. Currently an avid crypto trader, blogger and a mentor. Helping others achieve their goals is one of my top priorities!

More from Ben Hooda
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP stay under pressure as investors turn more risk-averse

The cryptocurrency market trades under intense headwinds on Wednesday, led by Bitcoin’s (BTC) deepening sell-off below $60,000. The Crypto King hovers above $58,000.

Pi Network holds on thin ice with 76 million tokens ready to be unlocked

PI is holding steady around $0.1150 on Wednesday, stabilizing after three consecutive days of losses of around 10%. Pi remains under pressure, with more than 76 million tokens scheduled for unlocking in June, potentially accelerating the bearish trend.

Bitcoin sinks to 21-month low amid ETF outflows, US-Iran peace uncertainty

Bitcoin stabilizes around $59,000 after falling to a 21-month low of $57,800 on Wednesday. Geopolitical uncertainty remains elevated after Iran ruled out talks with US envoys, clouding prospects for a peace agreement and keeping risk sentiment fragile.

Jupiter positions for a trend reversal as network activity picks up

Jupiter is up 6% on Wednesday, crossing above its 200-day EMA at $0.2192. Network data shows a spike in monthly revenue and fees in June to a three-month high.

Bitcoin: BTC hits 20-month low, will the pain continue?

Bitcoin has remained under pressure this past week, losing over 5% as traders assess mixed signals from different parties involved in the Middle East conflict.