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Bitcoin (BTC) Price Analysis for October 16

Have the bulls accumulated enough strength to push Bitcoin (BTC) to new highs?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. 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.

The market situation has barely seen any changes. Chainlink (LINK) and Bitcoin (BTC) are the only coins in the top 10 list that are located in the green zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

As altcoins are falling faster than Bitcoin (BTC), the market share of the leading crypto has strengthened, inching closer to the 59 percent mark at the moment.

BTC’s market share
BTC’s market share

The relevant Bitcoin data is looking the following way:

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  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $210,411,020,406

  • Price: $11 362,06

  • Volume (24h): $29,618,738,679

  • Change (24h): 0.36%

The data is relevant at the press time.

BTC/USD: Is the Power Enough to Reach $12,000 this Time?

Selling volumes topped the average mark yesterday morning and the price pulled back just below the two-hour EMA55. Despite the efforts of the sellers, Bitcoin (BTC) failed to test the support of $11,200 and immediately recovered above the 50 percent Fibonacci level ($11,394.15) after reaching the daily low of $11,250. 

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

At the end of the day, the pair tested the level of $11,600 but it failed to sustain its growth at night. This morning, the price is consolidating around the $11,500 mark.

👉 MUST READ Bitcoin (BTC) Price Analysis for October 14related article image

If market makers push below the $11,000 mark, then the BTC price will break below the lower trendline of the ascending channel, and it will be quite difficult for the top coin to recover it the medium term.

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

On the four-hour chart, the quotes were able to leave the triangle formation. There is every chance to see the continuation of the price growth within the framework of its development. An additional signal in favor of this option is the rebound from the lower border of the ascending channel and support on the RSI indicator.

As one can see, the previous test of the trendline on the indicator chart caused a substantial upward price move. In cast of an invalidation, traders can a breakdown of the lower line of the ascending channel with the price being fixed below the $10,960 level. This might indicate its further decline to the $10,350 level.

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

On the daily time frame, the quotes broke through the upper line of the corridor, in which the asset was squeezed for a long time, and consolidated above the level of $11,200. Here, the upper line of the descending channel has been crossed, which indicates the asset's desire to move upward, to the level of $12,495. The bulls can also find comfort in the fact that the values of the RSI indicator currently represent a rising trend line.

Bitcoin is trading at $11,350 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com