The king of cryptocurrency managed to break the resistance and enjoyed a high above the $11500 mark, albeit not to much avail. During the past 24 hours, Bitcoin price movement showed a high at the $11600 mark on 15 October however, the increased volatility pulled the price back down in a flash crash.
After the flash crash on the 16th of October, Bitcoin price fell to the $11240 mark, and despite a slight recovery, hit the lowest point of $11219 twice in a row. The king managed to rise above the $11300 mark since, but the continued volatility tells a different tale.
On the technical buying and selling indicators, Bitcoin stands on a stable buy for the past week, and perhaps excessive buying is the only thing keeping the coin afloat. Traders call this a fake swell due to a possible FoMo, while some cryptocurrency analysts are already comparing the situation with the 2017 run.
Bitcoin price movement: Where does BTC stand?
Most Bitcoin analysts expect the bearish trend to continue towards the $10900 mark, while a few even expect a retrace to the $9000 range before the final rally of the year. Analyst Dino Alpacino explains that the major support level is currently resting at the $10800 level and further below the $10000 mark. At the same time, the major resistance is found in the $11500 – $12000 area.
Alpacino explains that the cryptocurrency saw a rise to the current trading levels. However, the king of cryptocurrency is likely to face a drop before it can rise again towards the higher price range.
Analyst Vince Prince explained that the current BTC situation is critical for the days to come. Bearish pressure is mounting, and a pullback is very likely. If the king loses the current support levels, it is likely to keep falling until it finds strong support. The current strong support levels are found at $10920, but the uncertainty increases many folds below this mark.
Vince further that if the BTC price manages to push back from the current support levels – marked in blue – traders would be in the safe zone. However, if Bitcoin closes below it, this will increase the possibility to further into the bullish-invalidation-zone marked in the chart. Cautious trading is crucial in the current price trends scenario.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
