A push higher for Bitcoin is likely to form the final fakeout before plumbing new multi-year lows, fresh analysis maintains.
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Bitcoin (BTC) held $20,000 into Oct. 5 with trader targets still including a fresh high before rejection.
$21,000 upside target to precede new lows
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $20,470 on Bitstamp overnight before returning lower.
The pair succeeded in maintaining the 2017 old all-time high as support, something on-chain analytics resource Material Indicators had hoped would endure as a positive sign.
“BTC is still in a congested range,” it summarized in comments the day prior:
“The retest of technical resistance at the 50-Day MA was rejected. Now I want to see a retest of support at the 2017 Top. Bulls may be losing momentum, but placed a buy wall at $20k to hold price up.”
Material Indicators was analyzing a chart of the Binance BTC/USD order book showing investor behavior involving different-sized transactions.
It referred to its 50-day moving average (MA), which at $20,170 had still not flipped to decisive support on
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