Bitcoin (BTC/USD) Price Predominantly Features Around $20,000
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Bitcoin Price Prediction – November 2
Variant ups and downs in the BTC/USD market operations have been that the crypto-economic price predominantly features around the $20,000 trading line. At the $20,493.48 trading mark, the percentage rate of trade has slightly decreased to 0.01 adversely.
BTC/USD Market
Key Levels:
Resistance levels: $22,500, $25,500, $27,500
Support levels: $17,500, $15,000, $12,500
BTC/USD – Daily Chart
The daily chart pictures that the BTC/USD market price predominantly features around the $20,000 ever psychological point since the activities entered a downward-trending cycle this year. The 14-day SMA indicator has been at $19,955.26, underneath the $21,112.27 value line of the 50-day SMA indicator. The trending outlook, so far, is kept between the $22,500 and $17,500 values over time. The Stochastic Oscillators have swerved briefly southbound after a short line of consolidation-moving manner to the tune of 71.86 and 67.12 range points.
Will a descending force below the 50-day SMA trend line eventually cause the BTC/USD market operation to collapse?
The 50-day SMA trend line will be crucial in determining the next direction in the BTC/USD market operations as the price predominantly features around the $20,000 logical trading spot. Currently, it appears that s descending force is compiling below the 50-day SMA indicator, around $21,112.27. Buyers will have to regroup for a second round of buying from a decline after the move might have exhausted afterward.
The downside of the BTC/USD technical analysis suggests that the market may experience a halt for a while around its current oscillating spot price. Therefore, in the process of that coming forth, an indecision trading condition will play out. A false pull-up toward the trend line of the bigger SMA will produce an avenue for sellers to leverage a shorting order alongside the market reversal motion.
BTC/USD 4-hour Chart
The BTC/USD medium-term chart showcases the crypto trade price predominantly features in value lines of $20,000 and $21,000. Two range-bound layer spots are present in the market’s trending view on the way around. The 14-day SMA indicator is at $20,515.81 above the $20,068.95 value lines of the 50-day SMA indicator. The Stochastic Oscillators have traveled into the oversold region, swinging northbound lightly at 27.00 and 31.89 range values. The market has a limited trading capacity and is not suitable for trade.
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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