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  • Analysis
    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

    Bitcoin Price Resumes Increase as The Bulls Aim Larger Rally To $25K

    Ethereum Price Key Indicators Point Firming Case For Recovery Above $1,250

    Ethereum Price Holds Ground And Sees Fresh Rally, Bulls Are Not Done Yet

    Bitcoin Price Consolidates In Key Range, What Could Trigger Next Move

    Bitcoin Price Holds Key Support But The Bulls Seem To Be Losing Steam

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    Rallies 10%, Polygon Bulls Aim Big

    XRP Whales Accumulate Massive Tokens

    XRP Whales Accumulate Massive Tokens

    Solana Rally Could Gather Pace above $30

    Solana Rally Could Gather Pace above $30

    BNB Price Rebounds Toward $250 But Risk of Drop To $200 Still Exists

    Ethereum Price Drops 6% and Signals Risk of Trend Change Below This Support

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Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key

2021-10-31
in Analysis
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Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key
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Bitcoin worth corrected decrease and examined $59,500 towards the US Greenback. BTC is recovering losses, however upsides is likely to be capped above $63,250 within the close to time period.

  • Bitcoin declined beneath the $63,200 and $62,000 assist ranges.
  • The value is now buying and selling beneath $62,000 and the 100 hourly easy shifting common.
  • There was a break above a key bearish pattern line with resistance close to $61,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a gradual enhance if there’s a shut above the 100 hourly SMA after which $63,250.

Bitcoin Worth Faces Resistance

Bitcoin worth traded to a brand new all-time excessive close to $66,982 earlier than beginning a draw back correction. BTC corrected decrease beneath the $65,000 and $63,250 assist ranges.

There was additionally a break beneath the $62,000 assist zone and the 100 hourly easy shifting common. Lastly, the worth spiked beneath $60,000, however the bulls had been lively above the $59,500 stage. A low is fashioned close to $59,610 and the worth is now consolidating losses.

There was a restoration wave above the $60,500 and $61,000 ranges. Bitcoin surpassed the 23.6% Fib retracement stage of the downward transfer from the $66,982 swing excessive to $59,610 low.

There was additionally a break above a key bearish pattern line with resistance close to $61,000 on the hourly chart of the BTC/USD pair. The pair is now going through resistance close to the $62,000 stage and the 100 hourly SMA. A transparent break above the $62,000 resistance may open the doorways for a contemporary enhance.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The subsequent main resistance sits close to the $63,250 stage. It’s close to the 50% Fib retracement stage of the downward transfer from the $66,982 swing excessive to $59,610 low.

Any extra positive factors might probably name open the doorways for a transfer in the direction of the $64,000 stage. The subsequent main resistance sits close to the $65,000 stage.

Extra Losses In BTC?

If bitcoin fails to clear the $63,250 resistance zone, it may prolong its draw back correction. A right away assist on the draw back is close to the $61,200 stage.

The primary main assist is now forming close to the $60,000 stage. A break beneath the $60,000 assist might probably push the worth in the direction of the $58,000 assist zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bullish zone.

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

Main Assist Ranges – $61,200, adopted by $60,000.

Main Resistance Ranges – $62,000, $62,500 and $63,250.

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