Bitcoin (BTC) continued to decline on October 27, but is most likely nearing the end of the short-term corrective move.
Day outlook
BTC has been steadily declining since hitting an all-time high of $ 67,000 on October 20th. The decline accelerated on October 26, and BTC hit just $ 58,000 the next day.
There is minor support at $ 56,550 created by the 0.382 fib retracement support. However, the main area of ​​support is at $ 52,450 to $ 53,350. These are the short term Fib retracement level of 0.5 (white), the long term 0.382 Fibonacci retracement level (black) and the horizontal support area. Hence, this zone is expected to offer strong support if BTC falls there.
The technical indicators are falling on the daily timeframe, which supports the continuation of the downtrend.
The MACD is falling and its histogram is about to break below zero; the RSI is also falling towards the 50 line, showing that momentum is weakening.
BTC / USDT daily chart | Source: TradingView
Count waves
Short term wave count shows an ABC correction, with BTC in wave C.
This is the final part of the decline after which BTC is likely to resume previous bullish move.
In addition, the movement can be included in a descending parallel channel. This further supports the possibility that BTC will fall to $ 56,550 as that zone coincides with the support line of the channel. In addition, it gives the AC waves a 1: 1 ratio that is common in such corrections.
If the channel breaks, BTC will likely drop to the $ 52,450- $ 53,350 support area before moving higher.
BTC / USDT 4-hour chart | Source: TradingView
In the long run, BTC appears to be in a 1-2 / 1-2 wave pattern. This means that once the current short-term correction is complete, Bitcoin is expected to go up quickly.
BTC / USDT daily chart | Source: TradingView
You can see the Bitcoin price here.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Market
Bitcoin Technical Analysis October 28th
Bitcoin (BTC) continued to decline on October 27, but is most likely nearing the end of the short-term corrective move.
Day outlook
BTC has been steadily declining since hitting an all-time high of $ 67,000 on October 20th. The decline accelerated on October 26, and BTC hit just $ 58,000 the next day.
There is minor support at $ 56,550 created by the 0.382 fib retracement support. However, the main area of ​​support is at $ 52,450 to $ 53,350. These are the short term Fib retracement level of 0.5 (white), the long term 0.382 Fibonacci retracement level (black) and the horizontal support area. Hence, this zone is expected to offer strong support if BTC falls there.
The technical indicators are falling on the daily timeframe, which supports the continuation of the downtrend.
The MACD is falling and its histogram is about to break below zero; the RSI is also falling towards the 50 line, showing that momentum is weakening.
BTC / USDT daily chart | Source: TradingView
Count waves
Short term wave count shows an ABC correction, with BTC in wave C.
This is the final part of the decline after which BTC is likely to resume previous bullish move.
In addition, the movement can be included in a descending parallel channel. This further supports the possibility that BTC will fall to $ 56,550 as that zone coincides with the support line of the channel. In addition, it gives the AC waves a 1: 1 ratio that is common in such corrections.
If the channel breaks, BTC will likely drop to the $ 52,450- $ 53,350 support area before moving higher.
BTC / USDT 4-hour chart | Source: TradingView
In the long run, BTC appears to be in a 1-2 / 1-2 wave pattern. This means that once the current short-term correction is complete, Bitcoin is expected to go up quickly.
BTC / USDT daily chart | Source: TradingView
You can see the Bitcoin price here.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Other Posts
Related Posts
Latest
Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B
Crypto Advisory Council Now A White House Position Attracting Leaders
Press Release
Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B
Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries
