Bitcoin Forum

BTC/USD Medium-term Trend: Ranging

Resistance Levels: $6,800, $7,000, $7,200
Support levels: $6,200, $6,000, $5,800

Yesterday, October 31, the price of Bitcoin was in a sideways trend. On October 29, the crypto’s price was broken by the bears after a long period of range bound movement above the $6,500 price level. The price fell to the $6,300 price level and commenced another range bound movement. Nevertheless, in the last three days, the price of Bitcoin was fluctuating above the $6,300 price level.

The BTC price is still under a bearish trend and price is expected at the $6,200 price level. However, if the $6,200 price level is tested or broken, then a revisit to the critical support level is imminent. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is in a bearish trend zone.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the BTC price is in a sideways trend. On October 31, the crypto’s price tested the $6,200 price level and rebounded to its range bound movement. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is falling.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.

Seems we don't see any bull run this year seeing from what's happening right now, though everything is still uncertain and so the bull run is. I think we should be lessen the anticipation so even the bull run won't come we can still manage our finances.
I don't know what whales are up to but they really leave us puzzled and broke.  ::) ???

I don't think that bitcoin would go down up to $5,800 anymore. The resistance and support is strong and I'm very much confident that $6,000 is the lowest that we can see for this year if it will never go up.

The year hasn't ended yet so we still have a month to see if there will be a quick bull run. As much as possible, I won't expect that the bull run will come quickly but who doesn't want that to see? Don't hope for the whales, once you see an indication just go with the flow.