Bitcoin (BTC/USD) Price Is Strengthening, Trading at $35,000
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Bitcoin Price Prediction – November 1
Following the strong recovery path that bulls have demonstrated over a number of sessions in the operations of Bitcoin against the US currency, given that the crypto-economic trade is strengthening, traders are trading around the psychological resistance value of $35,000.
Due to inactive volatile forces at work, a series of smaller daily candlesticks have been appearing around the $35,000 mark, causing uncertainty. The market needs to correct itself at a slower pace to avoid creating any more historically large free falloffs. Buyers should be cautious in case the retracement moves past the Bollinger Band.
BTC/USD Market
Key Levels:
Resistance levels: $37,500, $40,000, $42,500
Support levels: $30,000, $27,500, $25,000
BTC/USD – Daily Chart
The BTC/USD daily chart showcases that the crypto-economic price is strengthening, trading around the value line of $35,000.
The stochastic oscillators have stretched northbound, tending to place back to maintain values from 78.40 to 69.60 points. The Bollinger Band trend lines are positioned at $37,320.46 and $31,334.57, and the lower part is at $25,348.68, respectively. The current formation of candlesticks has been formed to signify that movements to the upside will experience a round of pit stops.
What state is the Bitcoin/USD market holding in relation to the current trend?
As of this technical write-up, the BTC/USD trade is going through a pause trading session, given that the crypto-economic price is strengthening, trading around the resistance line of $35,000.
Traders should exercise strategic positioning around the $35,000 bargaining spot. Successful stays above the point might result from a pull down from the value line coupled with a swift rebounding force. Furthermore, higher resistances above the $37,500 mark will be broken if the bulls maintain their firm support for the expected outcome.
Sellers need to be preparing to stage a resurgence around the $35,000 value line. The trade line is anticipated to function as the main area of deceleration where purchasers are anticipated to postpone for a while. Short-position placers are advised to support their entries with price action resulting from upward motions that timely resume correction input in the procession of that assumption tending to form.
BTC/USD 4-hour Chart
The BTC/USD 4-hour chart shows the cryptocurrency market is strengthening, trading around the resistance line of $35,000.
From 53.79 to 30.95, the stochastic oscillators have been positioned southerly. The lower trend line of the Bollinger Band is at $34,039.22, and the upper trend lines are at $34,809.08 and $34,424.15. Bollinger bands and candlestick placement patterns indicate that tight-range movements are likely to occur.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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