RATE Group | Bitcoin (BTC) Price Showing Positive Signs But Lacking Momentum
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Bitcoin (BTC) Price Showing Positive Signs But Lacking Momentum

05 Nov Bitcoin (BTC) Price Showing Positive Signs But Lacking Momentum

Posted at 07:24h in Bitcoin News by

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  • Bitcoin price is up around 3% and it climbed above the $9,400 resistance against the US Dollar.
  • The price is currently correcting lower after tagging the $9,600 resistance area.
  • There is a key bullish trend line forming with support near $9,340 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Both Ethereum and ripple are showing positive signs above $182 and $0.2950 respectively.

Bitcoin price jumped recently above $9,400 and $9,500 against the US Dollar. BTC price is currently correcting lower and it is likely to find support near $9,340 and $9,300.

Bitcoin Price Analysis

In the past two sessions, bitcoin started a steady rise from the $9,100 support area against the US Dollar. BTC broke the key $9,400 resistance area and settled above the 100 hourly simple moving average.

Moreover, the price rallied above the $9,500 resistance area. Finally, a high was formed near $9,600 and the price is currently correcting lower. It corrected below the $9,480 level, plus the 23.6% Fib…

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