Bitcoin price is in continuous uptrend and trading at $4,345.93. Will BTCUSD cross $4650- 4700 level by the end of this week? Here is the 02-08 October Bitcoin Technical Analysis.
02-08 October Bitcoin Technical Analysis
After the 11 Japanese exchanges being approved by the FSA, the Bitcoin traders and investors seem to be more optimistic. Also, the news from China seems optimistic as cryptocurrencies are expected to be regulated on October 1. Moreover, the Bitcoin trade volume has capped a $1.3B in daily trade volume.
The technical indicators seem very strong for this week. The MA100 line is below MA50 line which is a Buying signal at this level. The value of RSI(14) is 73.847 which means traders should buy at this level. The BTCUSD pair crossed a major hurdle at $4100- 4200 level, which gives a positive signal.
According to my analysis, the Bitcoin price will test to another level of $4600, $4700 or $4800 by the end of this week. As long as the price stays between $4,250- 4,350, it will remain in the bullish zone.
The Bitcoin has major support near $3860 level and resistance at $4650 level.
BTCUSD Weekly Pivot Points
What do you think about the 02-08 October Bitcoin Technical Analysis? Will BTCUSD rally continue this week? Let us know in the comment box below.