Can Bitcoin (BTC) Hold Its Ground? Price Analysis and Outlook
The post Can Bitcoin (BTC) Hold Its Ground? Price Analysis and Outlook appeared on BitcoinEthereumNews.com. Bitcoin (BTC) reached the precipice of $112,000 again late on Thursday. The price drew back without making a lower low, and now it remains to be seen whether Fed Powell’s speech later today will hint at rate cuts. Plenty of volatility might be expected as the speech gets nearer. $BTC bounces from critical support Source: TradingView The short-term time frame chart for the $BTC price shows a nice bounce from the critical $112,000 horizontal support level. Not only that, the price has now broken back through the downward trendline with more oomph than before. Of course, it’s early days yet and this minor rally can turn back to the downside just as quickly as the previous ones. Also in favour of the bulls is a potential double bottom pattern, whereby the latest local low corresponds with the last swing low in early August. Add to this that the RSI at the bottom of the chart looks as though it might be putting in a bottom, and you have a possible recipe for a decent bounce. All of this said, the crypto market is still struggling with bearish sentiment, and many are worried that Federal Reserve Chairman Jerome Powell’s speech today will rule out a rate cut in September. Therefore, a dip below that important $112,000 horizontal support is not off of the table. On the other hand, if Powell does imply a cut in September, it might be expected that the $BTC price takes off again. The market awaits. Inverse head and shoulders pattern about to be invalidated? Source: TradingView The daily chart reveals that the inverse head and shoulders has come to a point of potential invalidation. However, even if the current daily candle does close below, as long as it is within 1-2% of the neckline, it can…
The post Can Bitcoin (BTC) Hold Its Ground? Price Analysis and Outlook appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) reached the precipice of $112,000 again late on Thursday. The price drew back without making a lower low, and now it remains to be seen whether Fed Powell’s speech later today will hint at rate cuts. Plenty of volatility might be expected as the speech gets nearer. $BTC bounces from critical support Source: TradingView The short-term time frame chart for the $BTC price shows a nice bounce from the critical $112,000 horizontal support level. Not only that, the price has now broken back through the downward trendline with more oomph than before. Of course, it’s early days yet and this minor rally can turn back to the downside just as quickly as the previous ones. Also in favour of the bulls is a potential double bottom pattern, whereby the latest local low corresponds with the last swing low in early August. Add to this that the RSI at the bottom of the chart looks as though it might be putting in a bottom, and you have a possible recipe for a decent bounce. All of this said, the crypto market is still struggling with bearish sentiment, and many are worried that Federal Reserve Chairman Jerome Powell’s speech today will rule out a rate cut in September. Therefore, a dip below that important $112,000 horizontal support is not off of the table. On the other hand, if Powell does imply a cut in September, it might be expected that the $BTC price takes off again. The market awaits. Inverse head and shoulders pattern about to be invalidated? Source: TradingView The daily chart reveals that the inverse head and shoulders has come to a point of potential invalidation. However, even if the current daily candle does close below, as long as it is within 1-2% of the neckline, it can…
What's Your Reaction?
