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Bitcoin (BTC) Price Analysis — Indicators in Oversold Territory. Can Bulls Expect Fast Recovery?

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Thu, 24/10/2019 - 7:44
Bitcoin (BTC) Price Analysis — Indicators in Oversold Territory. Can Bulls Expect Fast Recovery?
Cover image via www.tradingview.com

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On Oct. 23, the price of Bitcoin, the first cryptocurrency bymmarket cap, fell below the $ 7,500 mark, thereby updating the five-month low.

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BTC hasn't seen this price level since mid-May. All other top assets simply followed the decline of BTC. Binance Coin is the top loser based on its eight percent price drop. 

Top 10 coins by Coinstats
Top 10 coins by Coinstats

After four attempts at testing the $7,800 support, the expected breakdown of this area eventually occurred. The BTC price reached the level of $7,400-$7,500, and the decline continued.

Name: Bitcoin

Ticker: BTC

Market Cap: $134 525 021 938

Price: $7 469,34

Volume (24h): $22 000 911 540

Change (24h): -7,33%

The data is relevant at the press time.

BTC/USD: Has Bitcoin Bottomed Out?

The leading crypto followed our yesterday price prediction  Bitcoin is unlikely to trade above $8,000 until the end of October.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the chart of the BTC / USD pair, two connecting bearish trend lines with a resistance at about $7,450 and $7,660 dollars have been formed.

Related
$200 Mln Worth of Bitcoin Longs Liquidated on BitMEX After Massive BTC Price Crash

If a break occurs upward above the resistance of $6,660, the price may recover to the resistance levels of $7,800 and $7,880 (previous support).

On the other hand, the level of $7,380 is immediate support. If a break occurs below the
$7,380 area, the price may return to the support zone of ​​$7,300. Any further losses are likely to open up the possibility of a push from the strong support levels of $7,200 and $7,120.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, Bitcoin is below the trend line and large volume according to VPVR. The RSI has not crossed the oversold area yet which might indicate the decline to $7,200. Moreover, yesterday price drop has switched the MACD to the bearish trend. 

Summing up, Bitcoin is unlikely to show a trend change soon. The price might show a revival, followed by a further drop.

Bitcoin is trading at $7,414 at press time.

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