Bitcoin (BTC) cryptocurrency rate corrected after the pump, but it is still fluctuating in a range above 100 hour moving average. Therefore, BTC/USD should rise to $ 15,000 by November 3.
Bitcoin value reached its highest level since January 2018 – $ 13,352 (Bitstamp data) on October 25. However, BTC/USD began to be dumped, and as a result of the correction, the asset rate dropped to $ 12,834. The coin’s price surpassed $ 13,000 last night again and it is now trading above this mark.
The nearest resistance barrier is located in the $ 13,150 region, which coincides with the 61.8% Fib recorded during the dump from $ 13,352 to $ 12,834. If buyers overcome this, BTC/USD price will rise to the next barrier – $ 13,200. The next goal is $ 13,500. The nearest strong support barrier is at around $ 13,000 – the average price of a coin over 100 hour moving average.
A bullish trend emerged in the BTC market in early October. Judging by the chart, the price of the cryptocurrency may fall to $ 12,000 – an uptrend line runs along this mark, which serves as a key support barrier. If this obstacle survives during the dump, then the coin rate will continue to grow and reach new heights.
A bullish flag is forming on the chart with resistance at $ 13,200 and support at $ 12,800. On October 25 and 26, buyers tried unsuccessfully to consolidate above the resistance line. If they manage to accomplish this task on the third try, then an uptrend will appear in the market. As a result of the breakout, the BTC price should increase by 18% to $ 15,340.
Wave theory suggests that the Bitcoin market is currently in the fifth wave of a bullish trend. Therefore, after the rise to $ 15,000, the cryptocurrency rate is likely to fall within the corrective wave A. The asset value may well decrease to $ 10,000 – 50% Fib taking into account the pump from $ 5,000 to $ 15,000.
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