The October 25 breakout has stalled once the Bitcoin price reached the 100-day MA. The BTC price has created a symmetrical triangle and a possible triple bottom inside it. The short-term outlook remains slightly bearish.
Bitcoin Price Highlights
- The Bitcoin price has found resistance at the 100-day moving average (MA).
- Resistance is found at $9500 and $9800.
- There is support at $8600-$8700.
- Bitcoin is trading inside a symmetrical triangle.
- The price has possibly made a triple bottom.
The upward move of October 25 ended once the Bitcoin price reached the 100-day MA.
We have slightly adjusted the main resistance area at $9500 to account for closing prices instead of wicks. The price has not yet reached a close above it.
Also, the BTC price is consistently making smaller candles — with yesterday’s one being engulfed in the body of the prior day’s bearish candle.
Since reaching the high, BTC has been trading inside a symmetrical triangle.
We have slightly adjusted the support and resistance lines to account for yesterday’s movement.
Short-term resistance and support areas are found at $9800 and $8600-$8700, respectively.
One bullish development is the creation of what looks like a triple bottom at $9200. However, there is no bullish divergence to confirm this pattern.
Litecoin Price Analysis
The Litecoin price has broken out from a descending wedge it had been trading in since July 8.
The breakout began once the price dropped to $50, which is a previous support level and the 0.786 fib level of the entire upward move.
However, there is some bearish divergence developing after the breakout.
Therefore, we could see a drop that would validate the previous resistance line — a very common movement after a breakout.
However, the long-term outlook for Litecoin looks bullish.
Good luck and happy trading! For yesterday’s analysis click here.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images courtesy of Twitter, TradingView.
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