Bitcoin (BTC) Price Analysis – October 17

Azeez Mustapha
  • The BTCUSD pair is range bound in the last three days after a price rally.
  • There is an impending price breakout for bitcoin.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

Resistance levels: $7,000, $7,200, $7,400

Support levels: $6,600, $6,400, $6,200

The BTCUSD pair is range bound in the last three days after a price rally. The crypto’s price was ranging below and above the $6,600 price level before the price rally of October 15, 2018. Bitcoin thencommenced its range bound movement above the $6,600 price level. The implication of these actions is that there is an impending price breakout.

From the technical indicators, we have an idea of the direction of the price.The Relative Strength index period 14 is level 58 which indicates that the crypto’s price is nearing the bullish trend zone. If the bulls break the levels of $6800 and $7,400 and sustain their hold, the cryptocurrency will resume its uptrend. Similarly, the crypto’s price is above the exponential moving averages (EMAs) indicating that the price is rising.

On the downside, if the bears take  control of the market, Bitcoin price will find support at $6,200 or $6,200.

BTCUSD Short-term Trend: Ranging 

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the short term trend, the price of Bitcoin is in a range bound movement.  Meanwhile, the crypto’s price is above the exponential moving averages(EMAs) indicating that the price is in the bullish trend zone.

 

 

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