RATE Group | Bitcoin (BTC) Price Weekly Forecast: Signs of Bullish Continuation
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Bitcoin (BTC) Price Weekly Forecast: Signs of Bullish Continuation

03 Nov Bitcoin (BTC) Price Weekly Forecast: Signs of Bullish Continuation

Posted at 07:15h in Bitcoin News by

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  • There are positive signs emerging for bitcoin above the $9,200 support against the US Dollar.
  • The price is slowly moving higher and it could retest the $9,770 resistance area in the near term.
  • There was a break above a key contracting triangle with resistance near $9,240 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price remains well supported and it could even surge above $9,800 in the coming days.

Bitcoin price is trading above key supports near $9,000 and $9,200 against the US Dollar. BTC must stay above $8,600 to remain in uptrend and start a fresh increase.

Bitcoin Price Weekly Analysis (BTC)

This past week, there was a slow and steady decline in bitcoin below the $8,400 support against the US Dollar. Moreover, BTC price also traded below the $8,200 support area. Finally, it spiked below the $8,000 support, but remained well above the 100 simple moving average (4-hours).

A swing low was formed near $8,960 and the price recently started an upward move. There…

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