Bitcoin formed its third consecutive green candle on the daily chart on Sunday, October 27 and moved up to $9,550 closing the 7-day period with a 16.5 percent of increase.
The BTC/USD pair opened the new trading period on Monday, October 28 with a slight correction. It erased 3.4 percent of the total capitalization and dropped to $9,222 even though bulls were able to push the price up to $9,946 during intraday.
On Tuesday, October 29, the coin recovered for the loses registered during the previous session and closed at $9,420. It was already obvious that neither bulls nor bears were able to for a definitive trend and the levels near $9,000 will be crucial for the mid-term.
The mid-week session on October 30 was no different as sellers temporarily took over control and brought the most popular cryptocurrency back down to $9,154. This time, however, they were able to briefly break below the $9,000 support.
Holding $9,000 and then moving up to mid-$9,000s will be crucial for the mid-term move. Bears, on the other hand, will be looking to push below the mentioned support and revive downtrend.
To me, it looks like we can expect another drop to $8,400 in the next weeks if no sudden spike in volume is observed.
The BTC/USD pair opened the new trading period on Monday, October 28 with a slight correction. It erased 3.4 percent of the total capitalization and dropped to $9,222 even though bulls were able to push the price up to $9,946 during intraday.
On Tuesday, October 29, the coin recovered for the loses registered during the previous session and closed at $9,420. It was already obvious that neither bulls nor bears were able to for a definitive trend and the levels near $9,000 will be crucial for the mid-term.
The mid-week session on October 30 was no different as sellers temporarily took over control and brought the most popular cryptocurrency back down to $9,154. This time, however, they were able to briefly break below the $9,000 support.
Holding $9,000 and then moving up to mid-$9,000s will be crucial for the mid-term move. Bears, on the other hand, will be looking to push below the mentioned support and revive downtrend.
To me, it looks like we can expect another drop to $8,400 in the next weeks if no sudden spike in volume is observed.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.