Bitcoin (BTC) still in no mans land - price analysis 21.10.2019
On October 17, bitcoin regained its position above $8,000 and ended the day at $8,070 as the major support level did not crack under bear pressure.
On the last day of the workweek, BTC hit $7,800 during intraday, but limited loses to $7,950. Neither bulls nor bears were able to take over control and establish a solid trend.
This was even more obvious on the first day of the weekend, October 19 when bitcoin closed with almost no change after trading in the wide range of $8,100-$7,880.
It recovered to the levels above $8,000 on Sunday, October 20 and closed the day with a 3.4 percent of increase to $8,239. BTC remained flat for the 7-day period.
The short-term downtrend is broken as BTC successfully rebounded from $7,800. If bulla ger again rejected at $8,300, we can expect a drop to sub-$8,000 levels. If not, it will require additional efforts from them to consolidate above the mentioned level and form a trend.
On the last day of the workweek, BTC hit $7,800 during intraday, but limited loses to $7,950. Neither bulls nor bears were able to take over control and establish a solid trend.
This was even more obvious on the first day of the weekend, October 19 when bitcoin closed with almost no change after trading in the wide range of $8,100-$7,880.
It recovered to the levels above $8,000 on Sunday, October 20 and closed the day with a 3.4 percent of increase to $8,239. BTC remained flat for the 7-day period.
The short-term downtrend is broken as BTC successfully rebounded from $7,800. If bulla ger again rejected at $8,300, we can expect a drop to sub-$8,000 levels. If not, it will require additional efforts from them to consolidate above the mentioned level and form a trend.