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Bitcoin Price Analysis Oct.23: a Temp Stability?

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Following our recent BTC price analysis, Bitcoin is still “boring.” Traders are not used to this kind of stability that carries almost no trading volume at all. For the long-term, a stable Bitcoin is good for the mass adoption. Less for day traders.

Now what?

  • The overall picture stays pretty much the same.
  • Bollinger bands are getting tighter and tighter. I won’t be surprised to see a quick move, up or down, in the next 24-48 hours.
  • Bitcoin is on top the $6400 support area, with little glitches to support at $6350. As of now, the three important moving average lines (200, 100 and 50 days MA) are above Bitcoin’s price.
  • Bitcoin is around significant resistance area $6420 – $6530: the three moving average lines from above, along with descending trend-line.
  • Support lies very close as well: $6350 – $6400, ascending trend-line around $6300.
  • Zooming out of the tight range, the next significant support lies at $6250 and after is $6100. The next major resistance area is located around $6670 and $6800.
  • The fact that there is no decision makes the last week’s trading very dull with not much action.
  • BitFinex has 32K open short positions. This number has declined over the past days.
  • RSI levels are close to their low levels; Market is oversold as of now.
  • As a reminder: The market is still bearish. I would change my mind, if and only Bitcoin will create a higher-low and breaking above $6800.

BTC/USD BitStamp 4 Hours chart

BTC Oct23Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

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