Technical Analysis of Daily Price Movement of Bitcoin Cryptocurrency, Friday October 06, 2023.
October 6, 2023 6:22 am
If we look at the daily chart of the Bitcoin cryptocurrency, it can be seen that Bitcoin is creeping upwards, which is confirmed by the emergence of a Bullish 123 pattern followed by a Bullish Ross Hook (RH), followed by its price movement which is above the WMA (30) and the MACD Histogram is in the positive area so that in the next few days Bitcoin has the potential to test breaking above level 28608.31. If this level is successfully penetrated above then Bitcoin has the opportunity to rally upwards to level 30190.13 but due to the emergence of deviations in the Stochastic Oscillator indicator with Bitcoin price movements there is potential correction of the downward movement in Bitcoin where the Bullish Orderblock level 26393.33 will be the target of the correction, but as long as the downward correction does not exceed below the level of 26000.23 then the upward rally scenario in Bitcoin is still valid.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
If we look at the daily chart of the Bitcoin cryptocurrency, it can be seen that Bitcoin is creeping upwards, which is confirmed by the emergence of a Bullish 123 pattern followed by a Bullish Ross Hook (RH), followed by its price movement which is above the WMA (30) and the MACD Histogram is in the positive area so that in the next few days Bitcoin has the potential to test breaking above level 28608.31. If this level is successfully penetrated above then Bitcoin has the opportunity to rally upwards to level 30190.13 but due to the emergence of deviations in the Stochastic Oscillator indicator with Bitcoin price movements there is potential correction of the downward movement in Bitcoin where the Bullish Orderblock level 26393.33 will be the target of the correction, but as long as the downward correction does not exceed below the level of 26000.23 then the upward rally scenario in Bitcoin is still valid.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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