In accordance with the candlestick chart connected to the BTC/USD pair on tradingview [based on data obtained from the Bitstamp Exchange], this top-ranked digital currency is being influenced by buyers as of this very moment. However, it looks like Bitcoin has entered a period of consolidation [post-26th October]. The daily RSI sits at 58.68 which signifies that BTC ain’t too far away from the overbought territory.
In the aftermath of 30th October, the peaks tied to the Awesome Oscillator had all possessed the brown shade, which points towards the dawn of bearish momentum that has occasionally impacted the coin since then. Similarly, from 30th October onwards, the MACD line has dropped gradually, venturing closer to the signal line with every passing day, thereby ensuring that the green histogram adopts a faded appearance.
Key support lies adjacent to the $7309 mark, and resistance may play a major role at $9948.88 once appropriate recovery occurs. On the other hand, I don’t expect Bitcoin to rebound effectively without the involvement of fresh buyers. Let’s hope for a splendid bull-run that might benefit altcoins too.
$BTC – that was one nasty 15-minute candle
It’s lots of chop today, and you have to be careful with trading especially if you’re a degen high leverage user
The side of where Bitcoin is heading is still undecided, primarily sideways chop action to start the weekend pic.twitter.com/n8AhECh3Wa
— Josh Rager 📈 (@Josh_Rager) November 1, 2019
Bitcoin is positioned at #1 to the north of Ethereum in the market, with a dominance rate of 67.4% associated with it. In the course of the past 24-hours, the price rose at a rate of 1.4% which, in turn, helped BTC climb all the way up to the $9276.87 mark where it currently holds. The trading volume recorded stands at approximately $23.889 billion, while the supply has 18,025,000 BTC coins in play as part of circulation. The total market cap of Bitcoin amounts to $167.215 billion for now.