Bart Simpson arrived on BTC charts twice this week amid the opening of Consensus 2022, the introduction of a far-reaching US crypto bill, and another milestone in Ethereum’s merge to Proof of Stake (PoS).
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Bitcoin (BTC) finally turned around after surviving a record 9 consecutive red weekly candles. After a midweek spike and a Bart Simpson-style range and crash, BTC established a new support level at $30k. Analysts seem to agree that we are still in an accumulation phase for BTC, possibly the “Accumulation Phase of a Lifetime”.
On the 2-hour chart, we can see Bitcoin trading sideways. It dropped below it’s Fibonacci Pivot point (P line in green) after failing to break through R1 (first line of resistance). The most expected output would be a reversal above S1 towards the pivot point mid range ($30.5k). Otherwise, the next bearish target would be S2 at $28.6k
As shown on the 2-hour chart, BTC kept moving in a tight range all week despite a failed tentative to break through the resistance near $32k. This weekly candle appears to form again an inverted pattern hammer, erasing the small gains of the previous week.
It was a choppy week for alts but most ended up where they started. Chainlink (LINK) and Helium (HNT) posted significant gains while Ethereum (ETH) has been consolidating around the $1800 price line. Cardano (ADA) experienced a nice 16.3% pump on news of Grayscale allocating more ADA to one of its funds.
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Bitcoin (BTC) finally turned around after surviving a record 9 consecutive red weekly candles. After a midweek spike and a Bart Simpson-style range and crash, BTC established a new support level at $30k. Analysts seem to agree that we are still in an accumulation phase for BTC, possibly the “Accumulation Phase of a Lifetime”.
On the 2-hour chart, we can see Bitcoin trading sideways. It dropped below it’s Fibonacci Pivot point (P line in green) after failing to break through R1 (first line of resistance). The most expected output would be a reversal above S1 towards the pivot point mid range ($30.5k). Otherwise, the next bearish target would be S2 at $28.6k
As shown on the 2-hour chart, BTC kept moving in a tight range all week despite a failed tentative to break through the resistance near $32k. This weekly candle appears to form again an inverted pattern hammer, erasing the small gains of the previous week.
It was a choppy week for alts but most ended up where they started. Chainlink (LINK) and Helium (HNT) posted significant gains while Ethereum (ETH) has been consolidating around the $1800 price line. Cardano (ADA) experienced a nice 16.3% pump on news of Grayscale allocating more ADA to one of its funds.
Turn TradingView alerts into executable signals with Quadency’s TradingView bot!
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