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Forex Discussions
Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 200881, member: 29339"] [B][SIZE=5]BTCUSD and XRPUSD Technical Analysis – 26th OCT, 2021[/SIZE][/B] [img]https://i.postimg.cc/2yZ0hTQR/pcxo.jpg[/img] [B][SIZE=3]BTCUSD – Rising Uptrend Channel Above $60000[/SIZE][/B] Bitcoin continues to consolidate its gains after touching an all-time high of $66967 last week. The price of bitcoin is now moving in a rising uptrend channel, indicating more upsides in the coming days. Bitcoin is holding above the 100 hourly simple and exponential moving averages. The bearish correction that we saw last week after the price of BTC crossed $65000 seems to be well-supported above $60000. Bitcoin has started its next leg of upward movement and is now expected to cross the 63500 handle in the US trading session today. The short- to medium-term outlook for bitcoin remains bullish, and a rally is expected towards $65000 levels. [LIST] [*] Bitcoin recovered from its losses last week and is now trading above its support levels of $62061 [*] High relative strength index indicates a strong positive momentum in the short-term range [*] The price is now trading above its pivot level of $62404 [*] All the moving averages are giving a STRONG BUY signal at current market level of $62972 [/LIST] [B][SIZE=3]Bitcoin Fresh Rally Towards $64000 Confirmed[/SIZE][/B] [img]https://i.postimg.cc/0Q3tzhJ0/btc.png[/img] BTCUSD is oscillating between 63271 and 62213, and needs to clear its immediate resistance levels of 63750. The price of BTCUSD has just cleared its Fibonacci resistance level of $62714 and classic resistance level of $62900 in the European trading session. In the last 24hrs, BTCUSD has gone UP by +0.36% with the price change of +225$, and has a 24hr trading volume of USD 32.248 billion. [B][SIZE=3]Bitcoin To Hit $80000 In 2021[/SIZE][/B] The price of bitcoin has appreciated by more than 50% since last month. Bitcoin was trading at $41034 on 29th Sep, 2021, and with the current market price of $62850, we can see an appreciation of 53%. Many companies have been adopting bitcoin leading to a higher demand for BTC on the cryptocurrency exchanges worldwide. Walmart is installing 200 bitcoin ATMs across the US. Bitcoin ETFs are gaining investor confidence. Twitter has enabled sending and receiving bitcoins via the Lightning network. Some crypto analysts say that the price of bitcoin will touch $80000 before the end of 2021. [B][SIZE=3]The Week Ahead[/SIZE][/B] The price of BTCUSD is holding above the important psychological level of $60000, and a positive momentum is observed in the short-term range. It is crucial for the price to hold above the $60000 handle for the next bitcoin rally towards $64000. This week, BTCUSD is expected to cross 63500 and aim for upsides of 64000 to 64500. The short-term bearish correction phase seems to have ended, and the dips remain well-supported above 61000. Both the medium-term and long-term outlook remain positive. Next week, we could witness BTC printing above the $64500 mark. [B]Technical Indicators:[/B] Commodity channel index (14-day): at 28.51 indicating NEUTRAL Average true range (14-day): indicating less volatility Moving averages convergence divergence (12,26): at 190.30 indicating a BUY Relative strength index (14-day): at 57.96 indicating a BUY [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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