Bitcoin to USD ( BTC/USD ) Weekly Outlook , October 24 2019
BTC/USD Forecast and Technical Analysis & Fundamentals for cryptocurrency
Introduction
According to Bitcoin bull and crypto analyst, Peter Brandt, in a tweet on September 29, the Bitcoin price could slump towards the $5500.00 area. The Bitcoin BTC on XM broker and exchanges already head towards Mr. Brandt’s projected price range.
Let’s take a closer look at the technical price drivers this week.
BTC/USD Technical Analysis
Weekly Chart
Resistance: $10380.07, $10955.48, $13880.00, $8531.25
Support: $7000.00
Trading below the bearish resistance of $8531.25 and the MA-9, the Bitcoin price is ready for a price slump towards the $7K round-number resistance. A surge in the price above the resistance level was the long-awaited signal to enter a long position, but that is not the case, as the price of BTC slump by roughly 10% on top bitcoin broker platforms.
Daily Chart
Resistance: $8820.00, $8244.93, $10949.00, $10441.47, $10542.93
Support: $7000.00, $7763.54, $7811.62
After a 23.6% slump in Bitcoin price from a collection of bearish signals on September 18, the BTC/USD entered into a range-bound rollercoaster formation. The break of hidden bearish resistance could not stand the test of time as the price given in to an increase in selling pressure at publication time.
4Hour Chart
Resistance: $8474.48, $8420.85, $8352.00, $8314.77, $7986.74
Support: $7811.62, $7874.68, $7000.00
All efforts to restore the bullish trend failed to an increase in selling pressure, primarily on October 13, 20:00, and 15 16:00. The price rally initialized by the regular bullish divergence on October 19, 12:00, was opposed by a regular bearish divergence on October 22, 12:00, bringing the price to the current low of $7412.57 at press time.
1Hour Chart
Resistance: $8352.00, 8314.77, 8017.80
Support: $7874.68, $7000.00
Formation of regular bearish accumulation pattern on October 21, 15:00 and 22 12:00, established the resistance levels for the first 4% price slump, after an earlier 5% price increase from the October 20 09:00 break pattern.
The bull trap pattern on October 23, 10:00 initialized the current press time impulse wave of about 8.3%, heading back into the oversold area.
Bitcoin Fundamentals
Bitcoin has now Scored 40% of the lifespan of the common Fiat.
Willy Woo, a statistician, focused on analyzing Bitcoin, says Bitcoin has been around about half as long as the average lifespan of the average fiat currency.
In an October 18th post, Mr. Woo noted that the lifespan of the average fiat currency is just 27 years. Will Woo based this conclusion on 2018 research by DollarDaze on 775 government-issued currencies (both in the past and the present). With Bitcoin now in its 10th year, it means that Bitcoin has already lived 40% of the lifespan of the average traditional money.
Since its conception, the British pound sterling, which is the longest-living fiat money, has lost almost all its value since abandoning the gold standard in 1931.
In contrast to ongoing declarations from critics who are predicting its demise, the value of Bitcoin has only increased as its publicly verifiable scarcity ensures the constant demand.
Conclusion and Projection
The $7000.00 round number support is projected to align with the 50-period Moving Average from a weekly chart perspective and considered a reversal point to HODL Bitcoin.
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