Bitcoin (BTC/USD) Trade Keeps a Bullish Outlook

Bitcoin Price Prediction – October 30
Despite the emergence of ups and downs, the BTC/USD trade operation still keeps a bullish outlook until the present. The crypto market trades around $61,470 at a percentage rate of about 1.10 negative. It shows that a retracement motion is in place currently.

BTC/USD Market
Key Levels:
Resistance levels: $65,000, $67,500, $70,000
Support levels: $57,500, $55,000, $52,500

BTC/USD – Daily Chart
The BTC/USD daily chart reveals that the crypto-economic trade operation keeps a bullish outlook as even there is a retracement motion playing out presently. There have been momentary breakdowns at $60,000 for a while. The 14-day SMA indicator is close to the value line above the 50-day SMA indicator with a space distancing them. The Stochastic Oscillators have crossed the lines northbound briefly against the range line at 20. That indicates that the base trading instrument is still on the threshold of rebuilding stance for supports.

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Should traders follow a downward motion at the breaching of the $60,000 level as the trade keeps a bullish outlook??

Some degrees of cautiousness will to continually exercise while the BTC/USD market breaches a downside at $60,000 level as the crypto-economic trade operation keeps a bullish outlook. It noted that so far so good, downs and ups that have been taking place in this market are featured on the buy signal side of the SMA trend lines. The 14-day SMA indicator now appears as the vital tool around price has to find support. The critical support line is at a lower of $55,000.

On the downside, at this point, it would be technically ideal that the BTC/USD market bears consolidate their stances in this trading operation, going on now between $65,000 and $60,000 levels. A sudden hike, fearfully breaking the higher value-line, will make the market set for higher highs that can potentially lead price to surpass the recent all-time higher valuation. If that happens, short position-taking traders will have to exercise patience through the subsequent days’ sessions.

BTC/USD 4-hour Chart

The BTC/USD 4-hour chart showcase the retracement path that the BTC/USD market maintains. Despite that, the crypto-economic trade operation keeps a bullish outlook. The 14-day SMA trend line is above the 50-day SMA trend line. The Stochastic Oscillators have slightly crossed the lines southbound against the range 80. That suggests that a downward force may still come up in the continuation of the price correction movement bid.

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Read more:

  • How to buy Bitcoin
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