The Bitcoin exchange rate the month of opening of about 9.400$ is the new resistance?

The last Week began rather negatively with a price drop of up to 8900$ brand. This is an area which we had already taken last week in the eye. Then was able to recover the Bitcoin exchange rate, however, and ended its upward phase short under 9600$. Since then, the Bitcoin exchange rate is not more than the month of opening, the hold is located at 9440$ could.

How much of an impact a month of opening has actually?

Month openings always have openings a great influence on the courses, as well as the weeks – to-Day. The higher the unit of time is, the more impact they have on the course. The such Bitcoin exchange rate openings often Ranges (zones) are formed. These determine, in part, the next movements of a course. In this case, in the case of Bitcoin. The Bitcoin exchange rate the month of opening (the Monthly Open) from the June, depending on the stock market approx. 9400$ shows us an important resistance, because since the days of the Bitcoin exchange rate comes about, and thus shows how important the brand is.

We look at the year of opening 2020

In the upper graph, we have the year of opening (Yearly Open) in 2020, and the month of opening (the Monthly Open) June 2020.

The first thing you notice is that the Bitcoin has not closed the course in August 2019 on it. Thus, this brand is not only opening a month, no, it is also a resistance zone in the month’s cycle. This brand is significantly, I would expand this Zone but a little further in the area of 9400-9600$. To stay Bullish, müssenten we conclude with a month’s candle on it. This would be a positive Signal for the BTC course.

Likewise, we see the year opening at 7160$ (depending on exchange). This would be Quasi-in our analysis, the Support-zone. Even if the March had concluded in this year, we saw a strong upward movement in April from this area. This is the positive BTC price movement reached until June.

75 % of private CFD accounts lose money. No EU investor protection.

The upward movement is now coming to an end?

To answer this question, let’s look at the whole day-to-day course.

Here, too, we see the Bitcoin exchange rate month opening at 9440$, the last three daily candle could not close above it. Today’s Sunday is not yet in top form. Wherein the largest volume probably comes as always with today’s night. (Asia Open). The course should move over to the month of opening and month of course a Candle close above this opening (9440$), then this would be to evaluate the long-term Bullish.

Post by Cryptory

(Image Source: Shutterstock Trading View)

The comments in this article do not represent any trading recommendations or investment advice.

Cryptocurrency Market