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02-08 October Bitcoin Technical Analysis: Will BTCUSD rally continue?

Amandeep Sonewane | Oct. 2, 2017
02-08 October Bitcoin Technical Analysis: Will BTCUSD rally continue?

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 October, AtoZForex – The Bitcoin price has recovered very well since the past few days and broke the $4000 level. Today, the Bitcoin market opens at $4,353,05 with a high and low of $4,366.81 and $4,261.35 respectively. The BTCUSD pair is gaining the momentum and about to break the $4,400 level. What's next for BTCUSD? Will BTCUSD cross the $4650- $4700 level by the end of this week?

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.

BTCUSD Chart (click to view)

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

NameS3S2S1Pivot PointsR1R2R3
Classic3086.83353.43860.24126.84633.64900.25407
Fibonacci3353.43648.83831.44126.84422.24604.84900.2
Camarilla4154.34225.24296.14126.84437.94508.84579.7
Woodie's3206.83413.43980.24186.84753.64960.25527

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. 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.