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Bitcoin and Litecoin Analysis for 2019-10-30 [Premium]

2 mins
Updated by Martin Robaldo
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The October 25 breakout has stalled once the Bitcoin price reached the 100-day MA. The BTC price has created a symmetrical triangle and a possible triple bottom inside it. The short-term outlook remains slightly bearish.

Bitcoin Price Highlights

  • The Bitcoin price has found resistance at the 100-day moving average (MA).
  • Resistance is found at $9500 and $9800.
  • There is support at $8600-$8700.
  • Bitcoin is trading inside a symmetrical triangle.
  • The price has possibly made a triple bottom.

Moving Averages

The upward move of October 25 ended once the Bitcoin price reached the 100-day MA. We have slightly adjusted the main resistance area at $9500 to account for closing prices instead of wicks. The price has not yet reached a close above it. Also, the BTC price is consistently making smaller candles — with yesterday’s one being engulfed in the body of the prior day’s bearish candle. Bitcoin Moving Averages

Symmetrical Triangle

Since reaching the high, BTC has been trading inside a symmetrical triangle. We have slightly adjusted the support and resistance lines to account for yesterday’s movement. Short-term resistance and support areas are found at $9800 and $8600-$8700, respectively. One bullish development is the creation of what looks like a triple bottom at $9200. However, there is no bullish divergence to confirm this pattern. Bitcoin Symmetrical Triangle

Litecoin Price Analysis

The Litecoin price has broken out from a descending wedge it had been trading in since July 8. The breakout began once the price dropped to $50, which is a previous support level and the 0.786 fib level of the entire upward move. Litecoin Breakout However, there is some bearish divergence developing after the breakout. Therefore, we could see a drop that would validate the previous resistance line — a very common movement after a breakout. However, the long-term outlook for Litecoin looks bullish. Litecoin Divergence Good luck and happy trading! For yesterday’s analysis click here.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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