Bitcoin (BTC/USD) Market Shows Bullish Potential After Retracement Completion
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Bitcoin Price Prediction – October 27
The BTCUSD market shows bullish potential after the retracement is completed. The market seems to be undergoing a major retracement to the downside as the price enters the premium zone.
The Moving Average Cross (MA Cross) of the 9 and 21 periods highlights the short-term to medium-term market trend. Currently, the price of BTCUSD is positioned below both Moving Averages, indicating a bearish pullback. However, the Moving Average Convergence Divergence (MACD) line, although below the zero line, shows signs of a potential reversal, as the histogram bars are diminishing in size. This suggests that the ongoing bearish momentum may weaken, supporting the expectation of a bullish shift once the retracement is completed.
BTC/USD Market Key Levels:
Resistance Levels: $70000, $73840, $80000
Support Levels: $57480, $52530, $49050
BTC/USD – Daily Chart
The BTCUSD daily chart shows that the market is experiencing a bearish retracement.
BTCUSD has shown a significant bullish move from a low of $58860 to a high of $69500, followed by a current pullback. The price is now nearing a key support zone between $65050 and $63580.
This area is vital as it aligns with the Fibonacci retracement levels (0.786 at $61920) of the recent bullish swing. Additionally, the $66550 zone could offer further support, as it aligns with the previous market structure.
What are the potential price targets for BTCUSD?
The projection suggests that BTCUSD is likely to resume its bullish direction after this retracement. Once the price stabilizes around $65050 or lower support levels, we can anticipate a potential rise towards the psychological resistance at $70000.
If this level breaks, the next target would be the key resistance at $73840, with an extended target of $80000. However, a breakdown below $63580 may invalidate this outlook, leading to a deeper pullback towards $57480 or lower Fibonacci levels.
BTC/USD – Four-Hour Chart
The BTCUSD pair is showing a bearish shift after failing to break the order block (OB) zone near $70000. A change of character (CHoCH) is evident, confirming the downward movement.
The price is currently below the 9 and 21 MA, further supporting the bearish trend. MACD is weakening, signaling a potential continuation of the decline towards $57480 support.
Bitcoin (BTC) Current Statistics
The current price: $67370
Market Capitalization $5,690,000,000,000
Trading Volume: $16,770,000,000
You can purchase Bitcoin here. Buy BTC
