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Home Market & Analysis

A Pause Before the Next Move?

n70products by n70products
October 23, 2024
in Market & Analysis
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A Pause Before the Next Move?
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Bitcoin value prolonged good points above the $69,200 resistance zone. BTC is now correcting good points and buying and selling close to the $67,500 pivot stage.

  • Bitcoin struggled to check the $70,000 resistance zone and corrected some good points.
  • The value is buying and selling beneath $68,500 and the 100 hourly Easy shifting common.
  • There was a break beneath key contracting triangle with help at $68,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may begin a recent enhance except there’s a shut beneath the $66,500 zone.

Bitcoin Value Dips To Assist

Bitcoin value remained supported above the $66,500 zone. BTC began one other minor enhance above the $68,500 resistance zone. The bulls had been in a position to clear the $69,200 barrier.

Nonetheless, there was no take a look at of the $70,000 resistance zone. A excessive was shaped close to $69,428 and the worth is now correcting good points. There was a minor decline beneath the $68,000 stage. There was a break beneath key contracting triangle with help at $68,500 on the hourly chart of the BTC/USD pair.

The pair examined the $66,500 help. It’s now consolidating above the 23.6% Fib retracement stage of the downward transfer from the $69,428 swing excessive to the $66,564 low.

Bitcoin value is now buying and selling beneath $68,500 and the 100 hourly Simple moving average. On the upside, the worth may face resistance close to the $68,000 stage or the 50% Fib retracement stage of the downward transfer from the $69,428 swing excessive to the $66,564 low.

Bitcoin Price
Supply: BTCUSD on TradingView.com

The primary key resistance is close to the $68,750 stage. A transparent transfer above the $68,750 resistance may ship the worth increased. The subsequent key resistance may very well be $69,200. An in depth above the $69,200 resistance may provoke extra good points. Within the acknowledged case, the worth may rise and take a look at the $70,000 resistance stage. Any extra good points may ship the worth towards the $70,500 resistance stage.

Extra Losses In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it may begin one other decline. Fast help on the draw back is close to the $67,000 stage.

The primary main help is close to the $66,800 stage. The subsequent help is now close to the $66,500 zone. Any extra losses may ship the worth towards the $65,500 help within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Assist Ranges – $66,800, adopted by $66,500.

Main Resistance Ranges – $68,000, and $68,500.



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