BTC Daily Trading Signals: 25 October

Categories -
ADVERTISEMENT

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 is dominant with BTC at a low of $6536 in the support area before the end of yesterday session. Although the bull had a brief hold of the market at the opening with the bullish railroad at $6550 and BTCUSD up to $6626.3 above the two exponential moving averages but lost momentum for uptrend continuation.

 

BTC 4-hour chart
BTC 4-hour chart

 

The bears’ return was gradual with the cryptocurrency down to $6579.20 just as the candle closed below the two EMAs. Increased bearish momentum ensured that $6536 the low of the day was attained before the end of trading session. The 4-hour opening candle today at $6554.10 sustained the bears’ pressure with BTC dropped to $6462.90 at the support area earlier today within the range

BTC Price is below the two EMAS and the stochastic oscillator is at 37% with its signal pointing down. These suggest a downward movement in price may occur within the range.

BTCUSD 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.

ADVERTISEMENT
Avatar
Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

1 comment

Leave a reply

Please enter your comment!
Please enter your name here