Nov 02 2022

VOT Research Desk

Bitcoin is currently trading at $20,417 as the smaller time frames converge, resulting in price movement that resembles a stalemate. The bears successfully established a closure through the 8-day exponential moving average in the latest 8-hour candle.

Many traders may have initiated a long position in BTC upon first making touch with the moving average near $20,200.

As a result, a drop below $20,200 could result in another liquidation event.

The present trading range is only a 38.2% retracement according to a Fibonacci retracement tool encompassing the strongest section of the surge last week.

If the bulls fail to retain their ground, the 61.8% retracement level at $19,900 will be the next likely target.

The trend will be jeopardized if the 61.8% Fib level fails, with bearish targets reaching the $18,900 liquidity zone.

A break above the current swing highs above $21,085 will invalidate the bearish view. If the bulls can break through the barrier, a similar rally to last weeks could occur. A 10% increase toward $22,400 would occur from such a shift.

Oct 24, 2022

VOT Research Desk

Although it led to a slight increase, the weekend consolidation in the price of Bitcoin. Sellers continue to sell off their shares, undoing this decision.

However the upward movement over the weekend may be a sign of even better things to come.

At the 30-day EMA of $19,432, the price of Bitcoin is experiencing its fourth rejection.

If the price of BTC recovers after the next pullback and finally manages to break beyond the 30-day EMA it will be a crucial development for starting a run-up for BTC.

Bitcoin price might launch a rally to $22,048 if such a move converts the $19,432 obstacle into a support floor provided it also clears the $19,306 to $19,737 resistance region.

On the other side, it will signal weakness from purchasers if Bitcoin price remains below the 30-day EMA around $19,432.

The bullish thesis for Bitcoin (BTC) will be invalidated if the daily candlestick closes below the swing low of $17,593 on June 18 and turns it into a resistance level, which might lead to a fall below $17,000 or $15,551.