Bitcoin Technical Analysis – 26th October

Bitcoin broke the $13,000 level last week and is currently consolidating above this level. Are we about to see another Bullrun in the history of Bitcoin?
Bitcoin Technical Analysis

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

BTC Weekly Technical Analysis
Bitcoin Weekly Chart on TradingView

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.

Learn Trading with Nova Blocks

cover BC 2 768x1027 1

Learn More

Bitcoin Daily Chart Analysis

Bitcoin Technical Analysis daily
Bitcoin Daily Chart on TradingView

The tools used for this analysis are the following:

  • Support and Resistance Levels
  • EMA 200 and MA50
The Daily chart of Bitcoin shows the power of the Ascending Triangle we have been noticing last weeks. Coupled with the MA50 breakout, it was a great catalysis for Bitcoin’s recent pump.

The trendlines sketched on Bitcoin chart shows a possible expanding Wedge.
This pattern is one of the most difficult one to trade. Indeed, the fact that it expands shows that the more it goes up, the more uncertain the market is.
 
Adding this to the RSI overbought region, we could witness a retracement lower. However, Bitcoin did not reach the upper trendline, and a last push could reach this level.

Bitcoin Hourly Chart Analysis

BTC H 1
Bitcoin H1 Chart on TradingView

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.

 

Complete Trading Guide

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
Recent Posts
Subscribe to the newsletter

Share this article on your social networks:

Share on twitter
Share on telegram
Share on facebook
Share on linkedin
Share on email

The information above contains information on the cryptocurrency market, which is associated with high risks. These materials are presented for informational purposes only and in no way should be construed as a recommendation for the purchase or sale of the assets. Any person considering trading digital assets should seek independent advice on the suitability of any particular digital asset.

Recent Posts

AllBlockchain & CryptocurrenciesTrading
Crypto weekly analysis

Cryptocurrency Market Review (+ VIDEO!) – 30th November

30 Nov 2020

At the time of writing, Bitcoin is today traded at around $18,500....

Read More
Are We About To See An Altseason?

Are We About To See An Altseason? Market Review 24th November

24 Nov 2020

There is no doubt we are in a bullrun, also associated with...

Read More
Bitcoin Price analysis

Bitcoin is consolidating above $16,000 and CME traps week-end shorters

16 Nov 2020

Ever heard about CME? Learn what institutions show you to trap you...

Read More
DeFi : does a decentralized organization engage its responsibility before the law ?

DeFi: does a decentralized organization engage its responsibility towards justice?

08 Nov 2020

Is it possible to engage the responsibility of a decentralized organization (especially...

Read More
Bitcoin Technical Analysis

Bitcoin Surpasses $14,000 during the weekend, the Institutions answer!

02 Nov 2020

Nothing seems to be stopping Bitcoin yet. It has been pushing above...

Read More
Bitcoin Technical Analysis

Bitcoin Technical Analysis – 26th October

26 Oct 2020

Bitcoin broke the $13,000 level last week and is currently consolidating above...

Read More

Receive a digest of Crypto Analysis, News & Articles every week

Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles, analysis, courses, reviews and more!