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#Bitcoin Price Analysis

Trading Signals for BTC: October 12

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BTC is in a downtrend. The structure of the cryptocurrency is a bearish pennant, a bearish continuation pattern. BTC price is below the two EMAs crossover.

Daily Trading Signals for BTCUSD October 12

  • Dominant bias for Bitcoin (BTC)– Bearish
  • Resistance Levels– $6700, $6800, $6900
  • Support Level– $6200, $6100. $6000

 

BTC Analysis

BTC is in a downtrend. The structure of the cryptocurrency is a bearish pennant, a bearish continuation pattern. The railroad formation at $6700 around the resistance level on 8th October gave more strength to the bears while they kept pushing the cryptocurrency price down to $6605 above the 50-EMA. This was the first level bears move.

 

BTCUSD Price Chart 12 October

BTCUSD Price Chart 12 October

 

The bulls stage a comeback as expected due to bearish exhaustion denoted by wicks coupled with the hammer formation BTC was back up to $6621.80.

The second level bearish push saw BTC at $6513.50, a breakout from the triangle. The bullish pullback saw the cryptocurrency back inside the triangle at $6639

The third level bears downward push occurred with the 4-hour opening candle at $6630. This was a bearish engulfing candle with BTC dropped to $6252.20.  This was a total breakout from the triangle as the bears sustained the momentum downward.

BTC price is below the two EMAs crossover and the stochastic oscillator is in the oversold region at 17% with its signal pointing down. These indicate the existence of room for the bears to continue the journey south.

Initial bears target is at $6200. A break of this area and subsequent retest may drop BTC to $6100

#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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