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October 18, 2019
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BTC

Bitcoin (BTC) Shows Signs of Important Reversal, $eight.8K Next?

  • Bitcoin worth is up greater than 5% and it broke the important thing $eight,500 resistance in opposition to the US Dollar.
  • The worth is at the moment consolidating beneficial properties above the $eight,500 and $eight,400 assist ranges.
  • There is a brief time period breakout sample forming with assist close to $eight,540 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The worth is exhibiting quite a bit of constructive indicators and it might proceed to rise above $eight,600 and $eight,750.

Bitcoin worth is again in a constructive zone above $eight,500 in opposition to the US Dollar. BTC might right within the quick time period, but it surely stays properly supported above $eight,350.

Bitcoin Price Analysis

Yesterday, we noticed a minor draw back correction in BTC under the $eight,200 assist space in opposition to the US Dollar. We additionally mentioned a attainable bounce so long as the value holds the $eight,000 assist space and the 100 hourly easy transferring common. The worth did keep above $eight,000 and lately began a powerful upward transfer. It is up greater than 5% and surpassed the $eight,350 resistance. Moreover, there was a break above the key $eight,500 resistance space.

A brand new weekly excessive was fashioned close to $eight,691 and the value is at the moment consolidating beneficial properties. It corrected under the $eight,600 stage. However, the 23.6% Fib retracement stage of the latest rally from the $8124 low to $eight,691 excessive is appearing as a good assist. Additionally, there’s a quick time period breakout sample forming with assist close to $eight,540 on the hourly chart of the BTC/USD pair.

If there’s a draw back break under the $eight,540 and $eight,500 assist ranges, the value might lengthen its correction. The subsequent key assist is close to the $eight,400 stage. Moreover, the 50% Fib retracement stage of the latest rally from the $8124 low to $eight,691 excessive can be close to the $eight,407 stage. If there are any further losses, the value could maybe take a look at the $eight,350 assist space (the latest key resistance).

The 61.eight% Fib retracement stage of the latest rally from the $8124 low to $eight,691 excessive can be close to the $eight,340 stage to offer assist. On the upside, an instantaneous resistance is close to the $eight,620 stage. If there may be an upside break above $eight,620 and $eight,650, the value is prone to speed up in the direction of the $eight,800 stage.

Looking on the chart, bitcoin is clearly buying and selling in a constructive zone above the $eight,500 pivot stage. In the quick time period, there may very well be a draw back correction, however the $eight,400 and $eight,350 ranges are prone to defend losses.

Technical indicators:

Hourly MACD – The MACD is slowly transferring within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD remains to be properly above the 60 stage.

Major Support Levels – $eight,540 adopted by $eight,400.

Major Resistance Levels – $eight,620, $eight,700 and $eight,800.

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