Skip to main content

Bitcoin Price Prediction: BTC/USD Struggles to Retest the $14,000 Overhead Resistance, Larger Uptrend Intact

Bitcoin (BTC) Price Prediction – October 31, 2020
BTC/USD now trades below the $14,000 resistance. The king coin pulls back each time it retests the current resistance.  The crypto has continued to sustain above the simple moving averages. This is responsible for the upside momentum.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

On October 21, after breaking above the $12,000 and $12,460 resistance, the upside momentum was maintained consistently on the 4-hour chart. At that point, the price is making a series of higher highs and higher lows. Today, because of the rejection at the $14,000 resistance, the price has fallen to the range-bound zone of $13,060 and $13,800. BTC price was earlier struggling to break the resistance at $13,800. After that, the range-bound movement narrowed to $13.060 to $13,600.

At this narrow range, a breakout occurred to clear the resistances at $13,600 and $13,800. The bullish momentum continued to retest the resistance at $14,000.The market has returned to the original price range of $13,060 and $13,800. Presently, BTC is trading at $13,794 at the time of writing. Bitcoin is above the 80% range of the daily stochastic. The market is in a strong bullish momentum

Bitcoin (BTC) Indicator Reading
The price bars are well sustained above the resistance line of the ascending channel.  This makes the upside momentum to be ongoing. The market is still in the overbought region. Although in a trending market, the overbought or oversold conditions may not hold.

BTC/USD – 4 Hour Chart

 

Meanwhile, the price action has remained the same for the past few hours. Bitcoin is likely to rise to break the $14,000 resistance. The Fibonacci tool analysis has indicated a further rise of the coin. On October 28 uptrend; the retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will rise to a level of 2.618 Fibonacci extensions. In other words a high of $15,544.40.

 



from InsideBitcoins.com https://ift.tt/34IwGGO
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more