October 2nd 2019 Technical Analysis of Bitcoin Price

October 2nd 2019 Technical Analysis of Bitcoin Price

What can you expect from Bitcoin this week? Do we expect explosive growth? By technical analyzing of bitcoin price we will find out a little about the current market situation.

With the launch of Bakkt in the last few days, Crypto Twitter exploded on the news of the first bitcoin trading on ICE Futures US. Twitter users stated that initial orders were negligible at around 3 Bitcoin, which reached more than 18 Bitcoin ($180,000) after the initial hours of the official launch of the Bakkt.

At present, some downsides are seen in bitcoin price, and many analysts suspect that they have flared for the first time in years for Ether (ETH). Many analysts even imagine that a new season of penalties is on the way

Outlook on Bitcoin Price

The weekly outlook on bitcoin prices looks a little worrying, of course. A closer look at daily and weekly charts using the indicators of BB, RSI (Moving Average Convergence-Divergence) and MACD (Moving Average Convergence-Divergence) can give a better idea of ​​the current state of bitcoin prices. The BB shows that the price has broken the daily support range several times over the past week, leading the eyes to the MA-Moving Average. The MA range on the weekly chart is around $9,900, a level that the BTC has broken over the past few hours. This puts the next level of support at around $7,700.

Bollinger Band

The short-term outlook for bitcoin shows that in the 4-hour chart, the current range of the Bollinger Bond – BB (one of the analytical indicators) is between $9,800 and $10,200, which is roughly equal to the previous week and no sign It does not indicate that we are going to see a major failure.

RSI

Last week’s daily chart was down from 50 to 40. However, if the price declines in the same direction, the index could fall below the middle of next week, indicating a bitcoin overpriced and possibly a strong trading area for traders. However, this week the RSI is around 60, which is probably the cause of many of the psychological effects of the downside recently. So what if the price of bitcoin continues to plummet to the tragedy? If the past trend does happen, it is likely that funds will flow to Altcoins that was dominated by the Bitcoin for the past six months.

MACD

Another indication of the strength of the sellers is that the MACD crossed the signal line daily last week. The last time it happened was in mid-August, and it took a month for an uptrend. This is a speculation about a major failure. The weekly MACD chart has been down for more than a month. It seems that no major events, such as Bucket, have yet had enough impact to empower buyers.

In Conclusion

As mentioned, if the price drops, it will probably stop at the support level of about $7,700. Conversely, if it grows, it reaches the next resistance point of $12,500. However, this scenario is technically unlikely to happen next week.

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