BTC’s price attempted to break out of range before retesting underlying support. Is a trend change at hand, or will the price continue to consolidate?
Major cryptocurrency tokens experienced significant profit-taking on Friday in New Delhi following a big gain over the previous few days. Ethereum was able to keep $1,500 while Bitcoin soared above the $20,000 mark. The third quarter of the US economy saw growth of 2.6%, exceeding expectations for 2% growth.
All other big crypto tokens were trading lower, with the exception of Uniswap and the Tether that is tethered to the US dollar. Following Ethereum and Polygon, which lost 3% each, were Cardano and Shiba Inu, which both fell by 5%.
The market capitalization of all cryptocurrencies fell below $1 trillion, to $980.18 billion, after declining more than 2% during the previous day. But the overall trading volume plummeted.
This week, the price of bitcoin spiked, but has the pattern changed?
Before retesting the base support, BTC’s price tried to exit the range. Is a change in trend imminent, or will the price remain in a holding pattern?
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) the price rose, by placing it at $21,000 on October 1. 26. This has led to a small number of traders announcing that the bottom will be hit or that BTC is entering the other side of the technical system like Wyckoff, a different break separate, or a form of reciprocal support. Before we get to the 10x opening bull long, let’s go back to some previous analysis to see if anything in the Bitcoin market has changed and if the recent waves indicate a reversal. 카지노사이트.
When the last update was released in September. On January 30, Bitcoin was around $19,600, which is still within the range of the last 136 days of price action. At that time, I noticed a divergence in the Weekly Strength Index (RSI) and Moving Average Confluence Divergence (MACD). There are also a few “ground” indicators that can be used by many indicators, which have been in the low ground for many years.
Let’s See How Things Are Now. A Strong Bollinger Band
The Bollinger Bands on the daily time frame are still limited, and this week’s increase to $21,000 is the expansion or escalation of the change that many traders are expecting. As usual for price action, after breaking out of the upper arm, price pulled back to test the middle/intermediate line (20MA) for support. Despite the strength of the move, the price remains below the 200-MA (black line), and now it is not known whether the 20-MA will now serve as support for the price of Bitcoin.
After expanding almost all the time at 25.7, the weekly RSI continues to move forward and the changes identified in the previous analysis continue to play. A similar pattern is also seen from BTC’s weekly MACD.
In the same chart, we can see that the recent weekly candle is going to form a weekly high. If the candle closes above the high of the previous five weeks and the price continues in the next few weeks in the daily or weekly range above $22,800, this has can be the beginning of the high. 바카라먹튀검증
On a daily basis, BTC’s Guppy Multiple Moving Averages indicator (GMMA or Super Guppy) is raising eyebrows. There are compressions and short-term movements and they are combined with long-term movements, which often indicate an upcoming directional movement or, in some cases, a macro change in progress.
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The ‘record change’ of Bitcoin has been the talk of the past few weeks and when you use Bollinger Bands, GMMA and BVOL, the price to extend together indicates an expansion, but in what way is still a mystery. Bitcoin has been trading at $18,600-$24,500 for the past 36 days and from technical analysis, the price is still close to this midpoint. A move to $21,000 did not make the daily high or escape the current range, which is in a sideways direction. The price is holding above the 20-day moving average at the moment, but we have not seen a cross of 20MM above 50MM, and most of the session of October 26 has returned to the level. less than $20,000. A more exciting development will involve Bitcoin breaking through the current resistance to test the 200-MA at $24,800 and perhaps attempting to challenge the moving average to support.
Another extension of the $29,000-$35,000 range will inspire confidence in bulls looking for a clear sign of a change in behavior. Until that happens, the current price level is more supportive with resistance extending up to $24,800.
On-chain Bitcoin Data is Accumulating
According to the spot price of BTC, MVRV Z-Score has also entered the region of -0.194 to -0.023 in the last three months. The on-chain metric shows the ratio of BTC’s market capitalization to its earned capital (the amount people paid for BTC compared to its current value).
In short, if Bitcoin’s market value is lower than its perceived value, the metric enters the red zone, indicating a possible market over. When the metric enters the green zone, it indicates that the current value of Bitcoin is below its perceived value and the market may be approaching the bottom.