BTC/USDT Price Analysis Oct. 3

[Nikko]

Bitcoin has broken down of both moving averages and the small trendline support. This shows that the sellers have the upper hand in the short-term. However, if the bulls manage to scale the price back above the trendline and the moving averages, it will indicate demand at lower levels.

The longer the price remains below the downtrend line of the descending triangle and the moving averages, the greater are the chances of a retest of the critical support zone of $5,900–$6,075.

A break out of the downtrend line and $6,831.99 can propel the pair to $7,400, which in turn might act as a strong resistance.

We expect the BTC/USD pair to make a decisive move within the next week. As the price is close to our buy levels, we suggest traders hold the long positions with the stops at $5,900.

Cointelegraph

[Crypto]

The bears did not take advantage of the breakdown below the trendline and Bitcoin has bounced back above the 20-day EMA. The important level to watch on the upside is the downtrend line of the descending triangle and $6,832. If the bulls scale above these two levels, it will invalidate the bearish pattern, which is a bullish sign.

[Crypto]

There is hardly any activity in Bitcoin as it continues to trade in a tight range on low volumes. This limited activity is unlikely to continue for long. Soon, we should see a large range breakout or breakdown and the start of a new move.



Currently, the BTC/USD pair is stuck in the range of $6,831.99 on the upside and $6,341 on the downside. The price has touched each of these levels twice.

A break out of $6,382 will invalidate the descending triangle pattern, which is a bullish sign. The next level to watch on the upside is $7,400.

On the downside, a break of $6,341 will attract selling and a retest of the critical support zone of $5,900–$6,075.04 will be on the cards. Below $5,900, we expect a number of stop loss orders to get triggered, quickly dragging prices to $5,450, and beyond that to $5,000. Therefore, traders should keep a stop loss at $5,900 on their long positions.

Source: https://cointelegraph.com/news/bitcoin-ethereum-ripple-bitcoin-cash-eos-stellar-litecoin-cardano-monero-tron-price-analysis-october-8

[Crypto]

Bitcoin nosedived Oct. 11, breaking below the support at $6,341. Though we would have expected a retest of the critical support zone at $5,900–$6,075.04, the bulls are currently attempting a pullback.

If the bulls close (UTC time frame) above $6,341, the BTC/USD pair will again try to break out of the downtrend line of the descending triangle. The bulls will have to scale a slew of overhead resistances before the trend changes. A rally above $6,831.99 will indicate the start of a new uptrend.

A break of the $5,900 mark will trigger a number of stops, resulting in a sharp fall. Currently, the moving averages are flat, with the 20-day EMA showing signs of turning down and the RSI in the negative territory. This shows that the bears have an upper hand.

Therefore, we suggest traders keep their stops at $5,900. The next few days are critical and can shed some light on the future direction.

source: https://cointelegraph.com/news/bitcoin-ethereum-ripple-bitcoin-cash-eos-stellar-litecoin-cardano-monero-tron-price-analysis-october-12