Medium-term Analysis Bitcoin Prices
The price of Bitcoins (BTC) fell to a bearish trend on October 23. To form a new low of $7,300, the bears dragged the price below $7,700. After a sharp fall, Bitcoin prices consolidated above $7,400. Today, October 25, bulls took control of the market and pushed Bitcoin price to $8,500.
The upside is that buyers could strengthen and energize market to push price higher to $9,000 resistance. The Moving Average Convergence Divergence( MACD), and the signal lines are both above the zero line, which signals a buy signal.
BTCUSD Short-term Analysis
The bullish trend is evident on the BTCUSD price chart for 1 hour. Today’s surge is the first time bulls have shown any signs of strength since the pair started its downward trend at the lower-$8,000 price, which was where it previously found significant support. It dissolved earlier in the week.
A strong bullish spike could push the price up to $9,000, $9.500 and $10,000 resistance levels. BTCUSD may fall to $8,000 if bearish pressure is present or resell at today’s buyback support of $7,400.
The MACD and signal lines are both above the zero line, which indicate a buy signal.
Resistance Levels: $9,000 – $9,500 – $10,000
Support Levels: $8,000, $7,700, $7,400
Arathur Stephen has not been registered with any state or federal regulatory agency as an investment advisor. This information should not be considered investment or trading advice. It is not intended to solicit or recommend any cryptocurrency purchase, sale, or holding. This information is provided solely for educational and informational purposes. Before you make any investments, always seek the advice and supervision of a licensed professional.