• October 22, 2020

Bears Keep Going Gain Momentum In BTC – Are We Going to Collapse?

  • Bitcoin got a 6% price fall within the last week, bringing the price of the coin down to $9,613.
  • It is getting support on the short-term .382 Fibonacci Retracement level. However, it looks like the momentum is on the side of the bears at this moment in time.

Bitcoin continues to be falling since meeting resistance on the $10,400 level this past week. Through the week, it found support at around $9,600. However, it was struggling to overcome the level of resistance at $10,190, leading to it to drop and fall once more.

Things are now looking troublesome for Bitcoin after not having the ability to make any movement higher within the last couple of days. Despite the latest price falls, Bitcoin continues to be up by a total of 11% within the last 30-days of trading.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

Market Overview

Looking at the daily graph above, we can see that Bitcoin has found support at the .382 Fib Retracement, priced at $9,569. Through the week, it made a rebound and broke above the $10,000 level once again. However, it had been unable to break above $10,190 (prior 1.414 Fib Extension), which caused it to reverse and rollover.

Short term prediction: BULLISH

The cryptocurrency remains bullish. However, it’s very close to becoming neutral. If it drops under the $9,000 price, we can consider the market as neutral. It would have to drop beneath $8,200 before we’re able to consider it to be in danger of turning bearish.

Toward the downside, if the sellers break beneath $9,569, the next level of support lies at $9,311 (.5 Fib Retracement). Beneath this, support is situated at $9,159 (drawback 1.272 Fib Extension), $9,053 (.618 Fib Retracement), and $9,000.

On the other hand, if the buyers rebound here and push higher, the level of resistance lies at $9,815 and $10,000. Above this, additional resistance lies at $10,190 (1.414 Fib Extension), $10,474 (1.618 Fib Extension) and $10,500.

The RSI dipped under the 50 level and remained there for the longest period during 2020. If the RSI is unable to climb back above 50 pretty soon, we can anticipate the moment to shift and for the bears to regain control.

Key Levels

Support: $9,569, $9,311, $9,280, $9,200, $9,169, $9,053, $9,000.

Resistance: $9,637, $9,615, $9,815, $10,000, $10,190, $10,360, $10,474.

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