October 29, 2020

Bitcoin Price Analysis: I think it’s a pretty color. I’ll buy it.

2 min read

Flash Alert: Friday 13th September

Apologies for the cheesy pun folks! Many of our millennial readers may recall the popular horror movie made in the 80’s and we really couldn’t resist the opportunity!

For those of you who may be unaware, the number 13 is considered unlucky, and in fact recognised as a genuine phobia called Triskaidekaphobia…..

OK, now back to Bitcoin.

Source: Binance

At the time of writing BTCUSDT was trading at $10,303-$10,306, down from an earlier high of $10,415. The price of BTCUSDT has breached critical resistance levels and we are seeing Bitcoin find support at the 7, 14, 21 exponential moving averages, which ironically all coincide around the same level. Resistance is currently met at the 50 simple moving average – see a close up below.

Source: Binance

So far we are witnessing some encouraging price action on the hourly charts. Meanwhile, on the daily charts we note our favorite MACD and stochastic RSI indicators have turned bullish.

It is becoming clear to us that the scales are tilting and becoming more bullish for Bitcoin and therefore HODLERs may want to reconsider trying to time a lower bottom.

However, we note BTCUSDT has been struggling between its short term moving averages and the 50-day moving average so traders and HODLERS may want to wait to see whether BTCUSDT can move above the 50-day moving average, currently at $10,438, for further bullish confirmation.

Anyone interested in reading our previous Flash Alerts may do so here as they continue to remain valid and provide a good trail for anyone wanting to catch up with recent price action.

A follow up post to this Flash Alert may be found here.

If you enjoy reading our updates and analysis then start following us on Twitter now join our new Reddit Community.

Are you new to trading? Develop your understanding of trading with our free educational guide that walks you through the five rules you need to master before trading crypto.