In Depth Analysis
-
After having traded in a constricted and extended range for nearly 3 months, Bitcoin is starting to move past this indecision phase.
-
Momentum and the likelihood of a breakout from the current range.
Interim Analysis:
Throughout Bitcoin's sell-off on October 30th price found support at what can now be established as the range low at $6,256. This key support coincides with the previous mid-term diagonal resistance trend line, labeled on the above chart as R2. As of yesterday, with the breach of $6,459 Bitcoin's price has once again breached the 50day Moving Average to the upside. Which in terms of relative volatility after an extended range, presents a strong case for an upwards rally.
As of current, BTC appears to show range trade characteristics, with a range high of $6,760 and a range low of $6,256. Though moving averages dictate that strong resistance is present overhead at $6,569
The Case for Moving Averages:
Since September Bitcoin has struggled to breach the 100day moving average. Bears have relentlessly defended that zone on three separate occasions. As of current the 100day MA is the first immediate resistance at $6,569.
Odds of breaching the 100dayMA resistance come in the form of confluence between Tom Demark's sequential count, and shorter term moving averages converging to the upside. TD sequential dictates the possibility of three more up candles on the daily.
If the 100day breach scenario unfolds and Bitcoin Finds support at the 100day MA, the currency could be setting the path for a strong end of year rally.
Any opinions, news, research, analyses, prices, predictions, or other information contained in our publications is provided as general market commentary and does not constitute investment advice. George Saber and Coin Observatory LLC will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?