Bitcoin Price Prediction – October 12
The BTC/USD financial book now records that the crypto-economic price keeps a northward-path direction in its trading operations. There is a slight downward reversal at a negative percentage rate of about 2.34 to trade $55861.
Resistance levels: $57,500, $60,000, $62,500
Support levels: $55,000, $52,500, $50,000
BTC/USD – Daily Chart
The BTC/USD daily chart exhibits that the crypto-economic price features a northward-path direction as the $55,000 level breached. The bullish trend line drew to align along the northward path that the market pushes. The 14-day SMA indicator points to the north above the 50-day SMA indicator. The Stochastic Oscillators are in the overbought region, relatively consolidating. That suggests that upward pressure is still on to some extent.
Could there be more ups in the BTC/USD market operations as price keeps a northward path?
Being as it is, the BTC/USD market operation is dominated by bulls just as price keeps a northward-path direction. Supposedly, the crypto market has to push northward more as long as the $55,000 support remains un-breakable to the downside. At this point, bulls may use that line to build up a critical support base as its fearful breaking down could cause a warning against seeing the current uptrend continuation.
On the downside, the BTC/USD market bears would now have to be on the lookout for any possible weakness sign at higher trading zones around $57,500 and $60,000 to get a sell entry. However, traders should be cautious of late entry. It must be on the note that there will be some ups while a line of rejections results in letting the market down in the process of retracement.
BTC/USD 4-hour Chart
The BTC/USD 4-hour chart shows that the crypto-economic price features a northward-path direction in the bullish channel trend lines. The 14-day SMA indicator is above the 50-day SMA indicator as they both point toward the north. The Stochastic Oscillators have swerved southbound very close to the range of 20. That means the crypto economy is somewhat under a depression, trading against the US economy. However, traders should be wary of quick rebounding attempts that the base crypto instrument can make in no time.
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