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#Bitcoin Price Analysis

Bitcoin to $7000? Bitcoin Price Analysis 9 Oct

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Bitcoin Price Key Focuses

  • Bitcoin price exchanged higher as of late and broke the $6,600 and $6,620 resistance levels against the US Dollar.
  • There is a noteworthy bullish pattern line set up with support at $6,550 on the hourly graph of the BTC/USD pair (information feed from Kraken).
  • The pair is probably going to move higher towards the $6,650, $6,700 and $6,800 levels in the close term.

Bitcoin price is situated pleasantly above $6,600 against the US Dollar. BTC/USD could quicken increases above $6,640 to test the following resistance at $6,800.

 

Bitcoin Price Analysis

Recently, we talked about that bitcoin price is by all accounts getting ready for the following leg either above $6,640 or beneath $6,460 against the US Dollar. The BTC/USD pair exchanged higher and broke the $6,600 and $6,620 resistance levels. There was additionally a break over the $6,640 level and bitcoin price settled over the 100 hourly straightforward moving normal. It exchanged to another week after week high at $6,688 and later it revised lower.

It declined beneath the $6,650 level and the 23.6% Lie retracement level of the ongoing wave from the $6,490 low to $6,688 high. In any case, the drawback move was ensured by the $6,600 level, which was a resistance before. Additionally, the half Lie retracement level of the ongoing wave from the $6,490 low to $6,688 high acted offered help. There is additionally an interfacing bullish pattern line with support at $6,600 on the hourly diagram of the BTC/USD pair. Beneath $6,600, the 100 hourly SMA could hold misfortunes at $6,565. There is additionally another major bullish pattern line set up with support at $6,550.

 

BTCUSD Price Chart 9 October

BTCUSD Price Chart 9 October

 

Taking a gander at the graph, bitcoin price is situated pleasantly over the $6,550 support. For whatever length of time that the price is above $6,550 and the 100 hourly SMA, it could move higher. An underlying resistance is at $6,640, trailed by $6,700 and the last one is at $6,800.

 

Taking a gander at the technical pointers:

Hourly MACD – The MACD for BTC/USD is going to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is right now over the 50 level.

Real Support Level – $6,550

Real Resistance Level – $6,640

#Bitcoin Price Analysis

BTC Daily Trading Signals: 24 October

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Dominant bias for Bitcoin (BTC)- Ranging

Resistance Levels- $6800, $6900, $7000

Support Levels- $6000, $5900. $5800

 

BTC continues in a range-bound market. The strong bearish pressure within ensures BTC made a new low of $6524.3 on 23rd October as against the low of $6535 on 22nd October at the support area. Exhaustion sets in as the candle close with a wick. The bulls gradually stage a return within the range with the bullish railroad formation at $6540.2. BTC was up at $6580 in the resistance area before the session ended. Temporary rejection against further upward price movement occurred at the 50-EMA.

 

BTC 4-hour chart

BTC 4-hour chart

 

Price is hovering around the two EMAS but the stochastic oscillator is at 26% and its signal points up which implies upward price movement within the range may occur.

BTC is in consolidation and trading between $6800 in the upper resistance area and at $6300 in the lower support area of the range. Traders are advised to be patient at this critical period for a breakout at the upper resistance area or a breakdown at the lower support area before taking a position.

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#Bitcoin Price Analysis

BTC Daily Trading Signals: 23 October

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BTC was down to $6538 in the support area while the bulls show sign of gradual return within the range as bullish candles were been formed.

Dominant bias for Bitcoin (BTC)–Ranging

Resistance Levels- $6800, $6900, $7000

Support Levels- $6000, $5900. $5800

 

BTC continues in a range-bound market. The strong bearish pressure within the range was lost on 20th October after the formation of a bullish spinning top at $6524. The bulls manage a push of BTCUSD to $6660 in the resistance area before exhaustion sets in as the candle closes with a wick on  21st October. The bears’ takeover s further confirmed by the bearish railroad form at $6642 same day.

 

BTC 4-hourchart

BTC 4-hour chart

 

BTCUSD was down to $6538 in the support area on 22nd October while the bulls show sign of gradual return within the range as bullish candles were been formed.

The stochastic oscillator is in the oversold region at 23% but its signal points up which implies upward price movement within the range may occur.

BTCUSD is in consolidation and trading between $6800 in the upper resistance area and at $6300 in the lower support area of the range. A breakout at the upper area will be good for a long while a breakdown at the lower area suggests shorting the cryptocurrency, but it will be a good strategy to wait for either to occur before taking a position.

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#Bitcoin

Bitcoin: Long Term Trading Signals 22 Oct

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Bitcoin is in consolidation and trading between $6700 in the upper supply area and at $6250 in the lower demand area of the range.

LONG-TERM Trading Signals for BTC/USD

Bias for Bitcoin (BTC) – Ranging

Resistance Levels- $6800, $6900, $7000

Support Level-$6100, $6000. $5900

 

Bitcoin is still in a range-bound market on the long-term outlook. The struggle for the market control between the bulls and bears remains obvious. The bulls progressive movement that started on 12th October after the spinning top saw BTCUSD at $7788 in the supply area on 15th October. This led to the break of the upper resistance area and the 200-EMA.  

The bears’ pressure forced the candle to close at $6742 within the range and below the 200-EMA. BTCUSD was down to $6511 in the support area on 20th October due to the sustained bearish pressure.

 

BTCUSD chart

BTCUSD chart

 

The formation of a bullish railroad on 20th October indicates the bulls gradual return.  Should the daily candle of 21st October close bullish, it will suggest the bullish pressure within the range will be stronger as price sits above the 34 EMA

Bitcoin is in consolidation and trading between $6700 in the upper supply area and at $6250 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area is imperative. To flow with the trend, traders should be patient to allow this to take place before taking a position.

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