RATE Group | Bitcoin (BTC) Price Watch: Sellers Waiting at Area of Interest
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Bitcoin (BTC) Price Watch: Sellers Waiting at Area of Interest

29 Oct Bitcoin (BTC) Price Watch: Sellers Waiting at Area of Interest

Posted at 03:37h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price continues to trade inside its descending channel on the 1-hour time frame.
  • Price looks ready for a pullback to the resistance and the Fib retracement tool shows where sellers might be waiting.
  • Technical indicators also seem to be suggesting that the downtrend might resume at some point.

Bitcoin is in the middle of a pullback from its selloff and might be due to test the resistance at these Fibonacci levels.

Technical Indicators Signals

The 100 SMA is safely below the longer-term 200 SMA on the 1-hour time frame, indicating that the path of least resistance is to the downside. This basically means that the selloff is more likely to resume than to reverse. The gap between the two moving averages is also getting wider to reflect strengthening selling momentum.

The 100 SMA also coincides with the 50% Fibonacci retracement level at $6,526 to add to its strength as a ceiling. This coincides with a former support zone, which might now hold as resistance…

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