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Consolidation Fails: Can BTC Price Touch the $7,500 Level In October?

  • Vera Yurina
    📈 Price Predictions

    BTC price enters the consolidation area: should it touch the $7,500 zone again? TradingView users explain the possibilities

Consolidation Fails: Can BTC Price Touch the $7,500 Level In October?
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bitcoin has been moving sideways for almost a month, and traders are wondering what to expect from it next. Will it continue holding around $8K level, or there are dramatic changes coming? The traders from TradingView have an answer to this question. Let’s read their BTC price predictions and check the price charts & analysis. 

$8,300 consolidation failed
Bitcoin (BTC) price chart by TradingView

Look at the Bitcoin chart from tst643: the cryptocurrency opened the new seven-day period on Monday, October 14 with another attempt at $8,300. It moved up to $8,364 and once again closed above the mentioned level. It was of critical importance for bulls to defend $8,300 and consolidate there.

However, on October 15th, the BTC/USD pair lost 2.3 percent of its value and dropped to $8,152.The move was followed by another red session on October 16 when the coin moved below $8,000 and closed at $7,994. If BTC bulls don’t regain their positions, we can expect another visit to the $7,800 -$7,500 area.

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The correction continues

BTC volatility zones
Bitcoin (BTC) price chart by TradingView

As usual, the user TradingShot analyzes the BTC technical indicators to come up with a few trading suggestions. Here’s what we can see:

  • The 1W MA Buy Zone. The MA periods provided Support in late 2018 and early 2019, were paving the way for April's aggressive bullish breakout. This is the new cycle's Buy Zone and every time the price approaches/enters it, long term buyers should accumulate.

  • The MACD on the logarithmic scale shows that based on the 2018 bear cycle, the current pattern that shares quite a few common characteristics with still has one last dip to make before it reverses.

  • The Cycle's Mean: the symmetrical curved line taken from the middle of the 2018 Channel Down with the intent to provide the mean of the next Bull Cycle. It shows that the price may make contact with the MA Buy Zone again.

All the above parameters combined show an estimated bottom around the $6000 region and based on the LMACD measurement from the Death Cross, it could be achieved in half the time of the 2018 bear cycle.

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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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