16 October 2020 | ZebPay Trade-Desk
Cryptocurrency markets, after enjoying a positive run for most of the last week, have seen mild correction towards the end of the week retaining most of the gains nonetheless. The situation has turned positive and markets have breached key resistance which should act as support in near term. Bulls have returned to the market with all the rage. Let’s look at what we have in store for a trade set-up.
Bitcoin (BTC) Technical Analysis and Chart:
At the time of writing, Bitcoin is trading around $11,373 reflecting a loss of 0.75% approximately over the period of 24-hours.
As we see in the chart above, Bitcoin has successfully breached the resistance of $11,300 this month and breaking out of the range bound trading shown last month. Last week BTC broke out of the symmetric triangle that had formed from above, buying over the last two days has taken a bit of breather after $11,500 levels were tested. BTC finds a strong support around $11,000 followed by $10,600 levels. On the upper side, BTC finds small resistance at $11,500.
MACD had a bullish crossover with both signal line and histogram in positive territory, coupled with ADX (Average directional Index) moving to 25 levels confirming the uptrend and price trading over critical EMA’s, we see the bullish run continuing making dip buying attractive.
The Analysis will be negated with BTC breaks below the support of $11,000 convincingly.
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