Oct 19, 2022

VOT Research Desk

The Consumer Price Index (CPI) report on October 13 appears to have eliminated volatility; hence the price of bitcoin is moving slowly.

Since then, BTC has been trying to rise higher, but a resistance level is preventing it.Investors should prepare for a little decline going forward before buyers unite and try another rise.

Although the price of Bitcoin increased by over 11% on October 13, the daily candlestick closed at $19,608 below the 30-day EMA.

Following this risky move, there was a 3% pullback that failed to reach $18,934, which served as the middle of the previous day’s range.

Oct 12, 2022

VOT Research Desk

A brief rise in the price of bitcoin may occur in order to retest the recently broken bearish setup.  Other crypto currencies are probably going to follow suit as a result of this development. Investors must yet maintain their attention on the bleak mid-term prognosis.

According to prior discussion, the price of Bitcoin has crossed the bear flag configuration. An 18% decline to $15,800 is predicted by this technical formation, which is a negative continuation pattern.

This bear flag’s recent breach has led to a severe fall, but volatility is an essential component that has been missing.

When the Consumer Price Index (CPI) and inflation figures are revealed on October 13, investors can anticipate a sell-off. This is important information for both the conventional and crypto currency markets.

Market players should be ready for this event to drive Bitcoin prices down to the swing low of $17,593 made on June 18 and attempt to continue this downswing to retest the bear flag objective of $15,800.

While the outlook for Bitcoin price is bleak, the bearish thesis will be refuted if the $20,737 barrier is decisively turned into a support level.

The rise might reach $22,048 as a result of this action.

Oct 10, 2022

VOT Research Desk

Over the past two days, the price of bitcoin has been challenging the lower limit of the bear flag. If BTC closes decisively below the flag’s lower limit and turns it into a resistance level, as was described in the previous article, this scenario predicts an 18% decline.

Investors must exercise patience and anticipate a modest uptick before this bearish breakthrough starts an 18% decline. The RSI bounces off the 43 to 46 support level for the fourth time in less than two weeks, suggesting that the Bitcoin price may be in the midst of a modest run-up to $20,154 or $20,737.

Should the bear flag subsequently collapse, BTC may go back to its swing bottom from June 18 at $17,593.

In the event of a significant sell-off, the price of bitcoin will reach the projected target of $15,800.

On the other hand, the bearish thesis will be invalidated if Bitcoin price turns the $20,737 barrier into a support level. If this happens, BTC might go back to the $22,048 and $23,473 hurdles.