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Bitcoin rate breaks through to target resistance of $ 11,900

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Bitcoin rate breaks through to target resistance of $ 11,900

Bitcoin rate breaks through to target resistance of $ 11,900
CONTENT

  • Bitcoin Approaches Resistance Zone $ 11,900- $ 12,070

  • BTC broke through the downward resistance line

  • Price is approaching the top of the fifth wave

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On October 19, Bitcoin (BTC) accelerated the rally and finally higher from the consolidation phase that lasted all past week

At the time of this writing, the rate of the first cryptocurrency was approaching September 3 highs around $ 11,940.

Bullish breakout

Bitcoin rate breaks through to target resistance of $ 11,900

During the week, Bitcoin failed to break through the 0.786% Fibonacci retracement level relative to the previous decline of $ 11,588.On October 19, the price finally formed a bullish engulfing candle and reached a maximum of $ 11,840.

There are no bearish divergence signals on the charts, and the MACD is not declining, which means that the growth should continue. Immediate resistance is at the September 3 high of $ 12,067, and immediate support is at $ 11,200.

BTC chart. Source: TradingView

Short-term dynamics

Also, the BTC rate broke through the downward resistance line from October 12. At the same time, the first signs of weakness began to appear on the 6-hour chart in the form of bearish divergence signals from the RSI and MACD..

BTC chart. Source: TradingView

A similar pattern is observed on 2-hour timeframes, although bearish divergence signals have yet to be confirmed.

It is also important to pay attention to the level of $ 11,700 – while the price is above this zone, the upward movement is expected to continue.

Bitcoin rate breaks through to target resistance of $ 11,900

BTC chart. Source: TradingView

Wave analysis

In the previous analysis of Bitcoin on October 19, we wrote that the price may have completed wave 4 and proceeded to the fifth, which should end in the zone of $ 11,930- $ 12,030.

The price really started wave 5, the target of which is the same as the previous one. Bitcoin may have completed sub-waves 1-3 (green on the chart) and now has to complete sub-waves 4-5.

BTC chart. Source: TradingView

Longer-term wave analysis reveals a similar target – a 1: 1 wave A: C ratio pushes a top at $ 11,876.

BTC chart. Source: TradingView

Alternatively, it can be assumed that the bullish analysis contains a series of ½ waves and Bitcoin is currently in the wave 3 stage.

This analysis also points to a target around $ 11,900. The price reaction to this level will help determine the further direction of the trend..

Bitcoin rate breaks through to target resistance of $ 11,900

BTC chart. Source: TradingView

So, Bitcoin is likely to continue to rise to $ 11,900, and possibly exceed this level if the resistance does not hold out.

The previous analysis of bitcoin can be read here.

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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