As a seasoned crypto investor with a decade of experience under my belt, I’ve learned to navigate the volatile seas of digital currencies with a mix of patience, intuition, and a good dose of humor. The recent surge in Bitcoin’s price is certainly catching my attention, especially considering its resemblance to a familiar weekend pattern.
On October 12, the value of Bitcoin (BTC) reached significant peaks as the market followed a questionable upward trend similar to that seen over the weekend.
BTC price grills resistance below key barrier
Data from CryptoMoon Markets Pro and TradingView showed BTC price action nearing $63,500, up 1.5% on the day — similar behavior to the weekend prior.
During the October 11 trading day on Wall Street, BTC/USD significantly advanced following a period where it had been testing the $60,000 support level for most of the previous week.
In an effort to align with U.S. stock market trends, Bitcoin disregarded fresh signs of inflation in the U.S., and despite the markets decreasing their predictions for upcoming interest rate reductions, it persisted undeterred.
“Initial low was swept & clearly inability to breakdown so naturally there’s a reversion,” popular trader Skew wrote in his latest coverage of 4-hour timeframes on X.
Identifying demand is crucial when RSI values exceed 50 and exhibit an upward skew, as these conditions often signal a potential rise or “move up” in the market.
He emphasized that both monthly and weekly openings are crucial, making them extremely significant for potential buyers aiming to reach $65K again.
In simpler terms, the prices for each month and week are set at approximately $62,850 and $63,330 respectively, which means this current price range is particularly significant or crucial.
By examining the Bitcoin exchange order book, two additional potential upward pricing levels near $65,000 have been identified and included as indicators for potential trades.
FireCharts indicates that Bitcoin’s underlying support is solidifying above $63k, and it seems the bullish sentiment is aiming to confront the 200-day moving average, according to one of our unique trading signals, shared with over X followers.
“If they are successful, clearing the 200-Day MA, they will attempt to R/S flip Technical Resistance at the 2021 Mid-Cycle Top at $64.9k.”
In spite of the questionable consistency of Bitcoin’s price increases over the weekend, Michael van de Poppe, a trader, analyst, and entrepreneur, anticipates positive developments for bulls in the coming week.
“Bitcoin took the liquidity beneath $59.5k and quickly ran up,” he summarized.
“Probably few days of consolidation, before next week is going to be significantly up. Breakout of $64k / $65k is the big breakout we’re looking for before new ATH tests and Altcoin runs are happening.”
Stablecoin market cap boosts Bitcoin bull run hopes
A similarly hopeful forecast emerged from the Bitcoin analytics account Bitcoindata21, as they posted a metric that appears to mirror patterns observed during bull markets.
Looking at the current relationship between the total value of prominent USD-backed stablecoins and Bitcoin, which has been in a prolonged consolidation phase during a broader market downturn, appears ready to further decrease, as indicated by a chart posted on X.
“Those trend lines are so clean,” part of the accompanying commentary stated.
“Once the purple line breaks to the downside, bitcoin is going to rip. Then wait for the downtrend to reverse (see yellow trend channels)… thats when the top is in!”
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2024-10-13 19:14