Bitcoin (BTC) Price Analysis – Short-Term Technical Indicators Signal Sell For Bitcoin

Michael Fasogbon

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.

Bitcoin’s price continues to hover around $9350 after falling sharply from the $10500 area during last weekend’s trading, although held support at the $9000. BTC is keeping a bullish momentum as the price may also fall seriously if a bearish step-back occurs. However, BTC seemed to have made a reversal as more upward movement is likely to play out in the next couple of days. But for now, the trend is still in a consolidation mode as traders may be caught unaware in the next rally.

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Key resistance levels: $9600, $9800, $10000, $10480
Key support levels: $9200, $9000, $8800, $8600

Bitcoin’s price is trading above the descending channel, which corresponds with the $9300 price zones. The BTC/USD pair is now consolidating for the past two days after meeting rejection at the $10480. Despite the price drop, Bitcoin is still bullish above the $9000 support as the price may go up to $ 9600, $9800 and $10000 if the bulls can show a strong commitment to trading.

BTCUSD, Daily Chart – October 29

Meanwhile, further resistance lies at $10480 and above. On the downside, Bitcoin held supports at $9200 and $9000. A break-down may cause Bitcoin to roll at $8800 and $8600. The technical RSI indicator is bullish at the moment as the MACD saw a slight cross, but yet to confirm a bullish trend for Bitcoin.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Following the ongoing price variation, Bitcoin has found support on the triangle’s support but the important question now is that, can it hold above the yellow line? The London session closing will determine whether it will hold or not. However, if the price penetrates beneath the triangle, Bitcoin may further look for support at $9200, $9100 and $9000 as further drive might allow the bears to regain control.

Bitcoin (BTC) Hourly Chart – October 29

Inversely, buying pressure is likely to keep the buyers in shape as potential resistance lies at $9550, $9700 and $9950 before we can see a climb back above the $10000 zones. The MACD is currently moving sideways to show that there’s price stability in the market. The RSI is now bearish after leaving the overbought region on October 26, suggesting the bears are slowly stepping back!

BITCOIN SELL SIGNAL

Sell Entry: $9355
TP: $9100
SL: $10000

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Michael Fasogbon

Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.

Leave a Reply

Your email address will not be published. Required fields are marked *