Bitcoin (BTC) Shows Signs of Important Reversal, $8.8K Next?

Bitcoin price is up more than 5% and it broke the key $8,500 resistance against the US Dollar.
The price is currently consolidating gains above the $8,500 and $8,400 support levels.
There is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is showing a lot of positive signs and it could continue to rise above $8,600 and $8,750.

Bitcoin Corrects Above $8K against Weak US Data, Brexit Deal
Thursday October 17, 2019

Bitcoin was attempting to hold $8,000 as support on Thursday after it slipped briefly below the said level yesterday. The benchmark cryptocurrency surged by 0.83 percent, or $66.14, to trade at $8,059.68. The move...

The post Bitcoin Corrects Above $8K against Weak US Data, Brexit Deal appeared first on 12bitplay - Bitcoin Play.

Bitcoin price is back in a positive zone above $8,500 against the US Dollar. BTC could correct in the short term, but it remains well supported above $8,350.
Bitcoin Price Analysis
Yesterday, we saw a minor downside correction in BTC below the $8,200 support area against the US Dollar. We also discussed a possible bounce as long as the price holds the $8,000 support area and the 100 hourly simple moving average. The price did stay above $8,000 and recently started a strong upward move. It is up more than 5% and surpassed the $8,350 resistance. Moreover, there was a break above the key $8,500 resistance area.
A new weekly high was formed near $8,691 and the price is currently consolidating gains. It corrected below the $8,600 level. However, the 23.6% Fib retracement level of the recent rally from the $8124 low to $8,691 high is acting as a decent support. Additionally, there is a short term breakout pattern forming with support near $8,540 on the hourly chart of the BTC/USD pair.
If there is a downside break below the $8,540 and $8,500 support levels, the price could extend its correction. The next key support is near the $8,400 level. Moreover, the 50% Fib retracement level of the recent rally from the $8124 low to $8,691 high is also near the $8,407 level. If there are any additional losses, the price may perhaps test the $8,350 support area (the recent key resistance).
The 61.8% Fib retracement level of the recent rally from the $8124 low to $8,691 high is also near the $8,340 level to provide support. On the upside, an immediate resistance is near the $8,620 level. If there is an upside break above $8,620 and $8,650, the price is likely to accelerate towards the $8,800 level.

Coinbase, Cash App, Remain Top Rated Places To Easily Buy Bitcoin
Thursday October 17, 2019

Cryptocurrencies like Bitcoin or Ethereum are new, emerging financial technologies and assets. The unfamiliarity with the new technology can make getting started in crypto seem like a daunting process. A handful of companies, however,...

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Looking at the chart, bitcoin is clearly trading in a positive zone above the $8,500 pivot level. In the short term, there could be a downside correction, but the $8,400 and $8,350 levels are likely to protect losses.
Technical indicators:
Hourly MACD – The MACD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 60 level.
Major Support Levels – $8,540 followed by $8,400.
Major Resistance Levels – $8,620, $8,700 and $8,800.
The post Bitcoin (BTC) Shows Signs of Important Reversal, $8.8K Next? appeared first on NewsBTC.

Bitcoin (BTC) Price Accelerating Losses Below $8K, $7.5K Very Likely
Friday October 18, 2019

Bitcoin price corrected higher, but it faced hurdles near $8,120 and $8,140 against the US Dollar. The price is declining again and it could gain momentum below the $8,000 support. There is a major...

The post Bitcoin (BTC) Price Accelerating Losses Below $8K, $7.5K Very Likely appeared first on 12bitplay - Bitcoin Play.

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