FxNews—Bitcoin Technical Analysis
Oct 02 at 07:42
59 Angesehen
4 Replies
Mitglied seit Sep 27, 2024
18 Posts
Oct 02 at 07:42
(bearbeitet Oct 02 at 06:41)
Bitcoin Poised for Consolidation After Sell-Off
FxNews—Bitcoin's downtrend extended near the $59,500 supply zone after the sellers pushed the price below the 100-period simple moving average.
The robust selling pressure moved the RSI 14 and Stochastic oscillator into the oversold territory, showing 31 and 17 in the description, respectively.
Forecast
Bitcoin's primary trend should be bearish because the price is below the 50- and 100-period simple moving averages. However, we anticipate the BTCUSD price to step into a consolidation phase, ranging between $61,190 and $62,770 for the subsequent few trading sessions.
FxNews—Bitcoin's downtrend extended near the $59,500 supply zone after the sellers pushed the price below the 100-period simple moving average.
The robust selling pressure moved the RSI 14 and Stochastic oscillator into the oversold territory, showing 31 and 17 in the description, respectively.
Forecast
Bitcoin's primary trend should be bearish because the price is below the 50- and 100-period simple moving averages. However, we anticipate the BTCUSD price to step into a consolidation phase, ranging between $61,190 and $62,770 for the subsequent few trading sessions.
Anhänge:
Knowledge Should Be Free – And So Is Your Path to Trading Success.
Mitglied seit Sep 27, 2024
18 Posts
Oct 07 at 06:08
FxNews—Bitcoin broke the $63,200 pivot today, stabilizing above it. The Stochastic signals overbought conditions, meaning BTCUSD might consolidate before the uptrend resumes.
If the 50-SMA holds, the next bullish target could be $66,700.
If the 50-SMA holds, the next bullish target could be $66,700.
Anhänge:
Knowledge Should Be Free – And So Is Your Path to Trading Success.
Mitglied seit Sep 27, 2024
18 Posts
Oct 09 at 11:27
Bitcoin Bulls and Bears Battle at Fibonacci Marks
FxNews—Bitcoin remains bearish, staying below the 100-period simple moving average. The Awesome Oscillator and Stochastic indicators suggest increasing bearish momentum, with the latter entering oversold territory at 17, hinting at a potential price rebound. The Relative Strength Index, at 46, confirms the bearish outlook as it falls below the median. Additionally, a drop below the Supertrend line encourages a sell strategy.
Overall, indicators predict a further downtrend, possibly descending to lower support levels.
Bearish Scenario
Bearish momentum could extend to $59,800 if Bitcoin stabilizes below the 61.8% Fibonacci retracement of the bullish AB wave. The primary resistance is the 100-period SMA; breaching this could invalidate the bearish outlook.
Bullish Scenario
A lack of market momentum is evident, yet a surge above the 100-SMA, near the 50% Fibonacci retracement of the BC wave at about $63,200, could trigger a bullish reversal. Falling below the $61,700 support would nullify this scenario.
> Support: $61,700, $59,800, $57,765
> Resistance: $63,200, $64,280, $66,700
FxNews—Bitcoin remains bearish, staying below the 100-period simple moving average. The Awesome Oscillator and Stochastic indicators suggest increasing bearish momentum, with the latter entering oversold territory at 17, hinting at a potential price rebound. The Relative Strength Index, at 46, confirms the bearish outlook as it falls below the median. Additionally, a drop below the Supertrend line encourages a sell strategy.
Overall, indicators predict a further downtrend, possibly descending to lower support levels.
Bearish Scenario
Bearish momentum could extend to $59,800 if Bitcoin stabilizes below the 61.8% Fibonacci retracement of the bullish AB wave. The primary resistance is the 100-period SMA; breaching this could invalidate the bearish outlook.
Bullish Scenario
A lack of market momentum is evident, yet a surge above the 100-SMA, near the 50% Fibonacci retracement of the BC wave at about $63,200, could trigger a bullish reversal. Falling below the $61,700 support would nullify this scenario.
> Support: $61,700, $59,800, $57,765
> Resistance: $63,200, $64,280, $66,700
Anhänge:
Knowledge Should Be Free – And So Is Your Path to Trading Success.
Mitglied seit Sep 27, 2024
18 Posts
Oct 14 at 08:50
Bitcoin Hits $64,280, Now Overbought: Caution Advised
FxNews—Bitcoin's rebound from $59,800 resulted in the bulls hitting $64,280. The robust buying pressure drove Stochastic into overbought territory, signaling that BTCUSD is overbought in the short term. Going long in an overbought market is not advisable; therefore, traders and investors should consider waiting patiently for the market to consolidate and fill previous gaps.
That said, the price can potentially consolidate near $63,200 before the uptrend resumes. This level provides a solid entry point into the bull market.
FxNews—Bitcoin's rebound from $59,800 resulted in the bulls hitting $64,280. The robust buying pressure drove Stochastic into overbought territory, signaling that BTCUSD is overbought in the short term. Going long in an overbought market is not advisable; therefore, traders and investors should consider waiting patiently for the market to consolidate and fill previous gaps.
That said, the price can potentially consolidate near $63,200 before the uptrend resumes. This level provides a solid entry point into the bull market.
Anhänge:
Knowledge Should Be Free – And So Is Your Path to Trading Success.
Mitglied seit Sep 27, 2024
18 Posts
gestern um 07:59
Bitcoin Peaks at $66,700: Bearish Signal Ahead
FxNews—Bitcoin’s uptrend resulted in the price peaking at the $66,700 ceiling. The BTC/USD 4-hour chart formed a bearish long-wick candlestick pattern, while the RSI and Stochastic indicators signal overbought conditions.
The Bitcoin price can test the $64,280 resistance before the uptrend resumes.
FxNews—Bitcoin’s uptrend resulted in the price peaking at the $66,700 ceiling. The BTC/USD 4-hour chart formed a bearish long-wick candlestick pattern, while the RSI and Stochastic indicators signal overbought conditions.
The Bitcoin price can test the $64,280 resistance before the uptrend resumes.
Anhänge:
Knowledge Should Be Free – And So Is Your Path to Trading Success.
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