Bitcoin Technical Analysis : BTC/USD 2 October 2020

2 October 2020 Analysis (Forex, CFDs, Cryptocurrency)Bitcoin (BTC)BTC/USD (Bitcoin)

Bitcoin Technical Analysis : BTC/USD 2 October 2020

Bitcoin Technical Analysis : BTCUSD

Date : 2 October 2020

Pivot point : 10568

Our preference : the downside prevails as long as 10568 is resistance.

Alternative scenario : the upside breakout of 10568, would call for 10755 and 10866.

Comment : the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 10589 and 10703). Finally, the Bitcoin / Dollar is trading below its lower Bollinger band (standing at 10465).

Supports and resistances :

10866 **
10755 *
10568
10420 – Last price
10163
10052 *
9941 **

Warning : This information isn’t a buy-sell signal. Please use this information for the trade guideline.

Source : Trading Central

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