Bitcoin Technical Analysis – 26th October
Bitcoin broke the $13,000 level last week and is currently consolidating above this level. In the last BTC review, we have been talking about the importance of the $12,000 level. Are we about to see another Bullrun in the history of Bitcoin?
Bitcoin Weekly Chart Analysis
The tools used for this analysis are the following:
- Support and Resistance Levels
- Bollinger Bands
- VPVR
You can learn more about how to use those indicators in this Guide.
Another week another green candle for Bitcoin on the Weekly chart. In September, when Bitcoin has been consolidating around $10,000, we have been clear that the direction of the trend was still up, and the only resistance was sitting around $12k.
Bitcoin is now consolidating around $13k. If you missed this trade, do not FOMO into a long. Indeed, most indicators are telling this could be a local top, before a retracement. In a bull market, we buy the dips and sell the pumps.
The Volume Profile seems to be empty above $12k. This is most likely Price & Volume discovery around these zones. We do not recommend to take long term trade until the signals are clear.
A decent level of buyback/retracement would be to aim for the middle Bollinger Band coupled with the $12,000 support level.
Bitcoin Daily Chart Analysis
The tools used for this analysis are the following:
- Support and Resistance Levels
- EMA 200 and MA50
The trendlines sketched on Bitcoin chart shows a possible expanding Wedge.
Bitcoin Hourly Chart Analysis
In terms of the hourly chart, Bitcoin is quite interesting this week.
You can easily notice the weekend pump to the $13,400 with an instant dump. Those market moves often happen during the weekend to shakeout over-leveraged traders.
Just by analyzing the Price Action, it is easy to spot a symmetrical Triangle. This triangle excludes this week end pump, considering as a deviation over the price. However, if we consider this pump in our analysis, we can draw a sweet uptrend channel.
In conclusion, it is, without doubts, still a bullish chart.
Bitcoin Weekly News
- Bitstamp adds crypto crime insurance for assets held online – link
- Japan’s LINE launches CBDC development platform – link
- Rare Batman NFT Art raises $200,000 in sale – link
- Uniswap’s first governance vote fails despite 98% support – link
- OKEx resumes normal function, but withdrawals still closed – link
- BitMax launches Linear Finance staking with up to 371% APR – link
- Bitcoin rips higher to $13,000 on continued fiscal stimulus excitement – link
- Binance Labs raises $1.3M funds for decentralized streaming platform Audius – link
- JPMorgan turns bullish on Bitcoin citing ‘potential long-term upside’ – link
- China’s central bank lays regulatory foundation for CBDC – link
