Bitcoin [BTC/USD] Technical Analysis: Bulls look to take back control

[sirty143]

Bitcoin Technical Analysis: Bulls look to take back control as price moves sideways

Bitcoin [BTC] has continued its sluggish sideways movement that is representative of the market in the past week, with the sharp uptrend in its price soon finding the momentum dying down. Investors are looking on the horizon for another break soon, with the indicators showing that the movement might occur soon.

1 hour:

The $6625 – $6660 uptrend is acting as a resistance for the price, with the $6210 – $6445 uptrend providing a support for the price. The $6660 – $6465 downtrend is in power currently, as the price dropped after the sharp upwards hike.

The Relative Vigor Index is moving upwards, demonstrating a bullish crossover of the MA over the signal line.

The Stochastic RSI is in the overbought zone and may represent an entry point considering that the price is in a downtrend. If the uptrend into overbought is short-lived, it may represent a buy signal for the coin.

1 day:

The $9800 – $8390 – $6440 downtrend is in power since May, with support lines at $5850 and $6145.

The Parabolic SAR indicator is bullish, as indicated by the presence of the indicator under the candlesticks.

The Ultimate Oscillator is showing a bullish divergence with the dominant trend indicating the price might move upwards.

Ease of Movement is slowly moving upwards, representing a bullish reversal moving with ease upwards.

Conclusion:

The price of Bitcoin is set to find newer highs and might test set resistance levels at $6660 and $6800. Support levels are set at $6000 and $5700 as the bottom over the long term, with a generally bullish outlook.

Source: CripTALK

[MaluWang]

Yes, I believe in this analysis. Bitcoin is gearing another record high maybe before the year ends. But with its current price of $6,483.59, I think only those with deep pockets could afford to buy it at this level and hodl for good.

[Adrian]

Bitcoin has failed to break out of the overhead resistance at $6,831.99, resulting in a move down. Currently, the price is at the moving averages, which might act as a support. However, if the bears break this level, the digital currency can slide to the next lower support at $6,250.

A lack of follow-up buying after the surge on Oct. 15 is a bearish sign. It shows that the market participants are in a hurry to close their positions during every small rally. Both moving averages are flat and the RSI is close to the midpoint. This points to a consolidation in the near-term.

The BTC/USD pair can remain range bound between $5,900–$6,832 for the next few days. A breakout or breakdown of this range will start the next directional move.

On the upside, the bulls should watch the levels of $7,400 and $8,400. On the downside, a break of $5,900 will trigger panic selling among the participants, plunging the price to $5,450, and further to $5,000 in a short time.

We suggest traders close their long positions if the pair breaks the support at $5,900.

Source: https://cointelegraph.com/news/itcoin-ethereum-ripple-bitcoin-cash-eos-stellar-litecoin-cardano-monero-tron-price-analysis-october-19