Friday Bitcoin price analysis: going up now? - Hitecher
Обзор курса биткоина на 10 октября: попытка роста?

Friday Bitcoin price analysis: going up now?

by iFlagman on

Сryptocurrencies news

One of the most common questions from the colleagues in the editorial office is -“Going up now?”.However, I understand perfectly, which topic such questions are related to: everyone remembers the last year’s crypto rally and, of course, expected it to repeat again right this fall. In the meantime, it’s already November outside, and the Bitcoin is not growing. Growth will not start until the price goes out of the current range above $ 6,800. Now let’s look at the graphics.

Hourly chart

On Wednesday, we saw a false impulse decline to the $ 6,240 support level (watch the latest review). The price has pushed off from this level and is now trading in the uplink channel. ЕМА9 and ЕМА50 are located under the price and are directed upwards, but the MACD indicator shows fatigue in the buy area. Flat is likely at current levels. For further growth, the price must overcome the level of $ 6,460.

Friday Bitcoin price analysis: going up now?

4 hour chart

The EMA50 at $ 6,435 acts as local resistance. The MACD indicator tends to the buy area. Price movement takes place in the ascending channel.

Friday Bitcoin price analysis: going up now?

Daily chart

EMA9 and EMA50 are located above the price. EMA50 at the level of $ 6,550 will hold back growth, acting as resistance. MACD indicator in the trade area, but shows a reversal in favor of buyers.

Friday Bitcoin price analysis: going up now?

What happens to the market?

Dear friends, until the price goes out of the current range, limited by the levels of $ 6,150— $ 6,800, it’s rather early to talk about who wins — whether bulls or bears. Moreover, a decrease in the activity of sellers is noticed. From the charts we can clearly see, that each decline ends above the previous one.

And the news, by the way, has long been about the forthcoming growth. The United States Patent and Trademark Office has issued a patent for the storage of private keys for Bank of America. Bank representatives say that they are preparing for an influx of institutional investors and a real crypto-boom, which will inevitably happen in the near future. According to experts, it is precisely the difficulties with private keys and the general unreliability of cryptotowallets that are deterrent for large investors to enter the market. The bank claims that its solution is much more reliable than storing private keys in digital devices. The decision from Bank of America is a system consisting from a node with two processors and hardware storage. In case of unauthorized intervention, the keys will be automatically deleted.

The fact that the largest bank recognizes the imminent invasion of institutions to the cryptoindustry, of course, is undoubtedly a powerful indicator. But that’s not all for now: the ardent opponent of cryptocurrency Warren Buffett has invested about $ 600 million in fintech companies. Of course, the companies in which the legendary investor has invested are far from the blockchain and operate in a strictly regulated field. However, the precedent itself is evidence of the recognition of fintech. Little wonder that the next logical step would be the blockchain and crypto start-ups.

And what about the BTC price?

Important levels of resistance: $6,460, $6,520, $6,650 and the level of $6,800 $.

Important levels of support: $ 6,350 $ −6,310, $ 6,240, $ 6,150

One cannot proceed with pure guess at this market — unjustified expectations are negative emotions, and they, as we already know, do not bring profit in trade;)

Have a great weekend everyone!

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