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Bitcoin price stuck inside the range again

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Bitcoin price stuck inside the range again

Bitcoin price stuck inside the range again
CONTENT

  • Bitcoin is trading in the range of $ 11,200 – $ 12,050.

  • The price is moving along the line of short-term upward support.

  • The market may be in the 4th wave of a five-wave structure.

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Bitcoin is currently trading within a range, just above the support area. The trend will remain bullish as long as the currency continues to hold above this support.

Bullish Despite Range

Bitcoin (BTC) is trading in the range of $ 11,200 – $ 12,050.On October 12, the price formed a candlestick with two long wicks, while the lower wick tested the support at $ 11,200.

Bitcoin price stuck inside the range again

Yesterday the price dropped slightly, but the bears did not manage to close the trades below the opening price of the previous day. In addition, the pair still holds well above the $ 11,200 area.

Technical indicators on the daily chart are giving bullish signals. MACD, RSI and Stochastic Oscillator are growing, with the last two indicators being above 50, while the first is in the green zone.

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BTC chart. Source: TradingView

Short term decline

On the 2-hour chart, the BTC rate showed strong bearish divergence signals yesterday, appearing immediately after reaching a high of $ 11,731. This was followed by a decline, which almost led to testing of the 0.382 Fib level correction of the $ 11,266 rally.

A breakdown of this minor support could trigger a fall towards Fibo levels of 0.5-0.618 at $ 10,981- $ 11,124.

However, the MACD indicator has begun to gain momentum, and this promises the price a possible continuation of the upward movement.

Bitcoin price stuck inside the range again

BTC chart. Source: TradingView

On a shorter-term, 30-minute chart, an important area of ​​$ 11,450 can be identified, which has played the role of both resistance and support since October 11.

This morning the price peered above it, but then pulled back. Now this area can play the role of resistance.

A bearish breakdown of the upward support line could again direct the market towards the minor support area of ​​$ 11,266 and possibly lead to a fall in the price towards Fib levels of 0.5-0.618.

A bullish breakout of the $ 11,450 area and turning it into support will indicate the potential for further growth in Bitcoin.

BTC chart. Source: TradingView

Wave analysis

As we wrote in the previous analysis, the market probably started a bullish impulse move and is now in wave 3 (blue on the chart).

Within this wave, the price has already formed sub-waves 1-3, and now it is inside sub-wave 4, which is corrective (red).

Sub-wave 2 was represented by a fast and deep correction that allowed the price to reach the 0.618 Fib level. Therefore, wave 4 is expected to be long and shallow. It is likely to end at the 0.382 Fib level at $ 12,261. After that, the price should resume its growth.

A $ 10,745 decline below the high of sub-wave 1 would reverse this entire scenario..

Bitcoin price stuck inside the range again

BTC chart. Source: TradingView

Thus, the bitcoin rate may make a short-term correction, but then it is expected to resume growth..

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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