On Thursday, October 29, BTC continues to rise, typically trading at $ 13,184 USD.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- Technical analysis of BTC / USD
- The production power of the BTC network continues to decline.
- BTC is still viewed as a bubble.
On W1, BTC continues to develop an uptrend, currently testing 100.0% Fibo. The correction target is 61.8%. At the same time, the MACD histogram is positive, supporting the further growth of the asset. The indicator signal lines continue to intertwine as a black cross forms, increasing the chances of the uptrend developing. The stochastic lines are moving slowly in the overbought zone, giving signs of a correction coming up. Judging by all the factors, we can assume that after the correction the pair will continue with the uptrend.
On D1, the technical picture of the BTC / USD pair is almost identical to that of D1: the pair is forming an uptrend correction. The target here is at the support level at $ 121,800 USD. The MACD histogram is above zero, possibly indicating further growth. The signal lines have formed a black cross and continue to grow, suggesting the development of the uptrend. Currently, W1 and D1 present more or less similar images. At this point, a correction before new growth seems more likely. The target for the uptrend is $ 14,000.
On H4, the outlook for further growth after a correction is just as good. The Stochastic is near the overbought zone giving another correction signal before the uptrend develops. The growth target is again $ 14,000.
After the end of the rainy season in Sichuan (China), the cost of electricity has increased considerably, which abandoned the hashrate 27% BTC for 4 days. Sichuan has several hydroelectric power stations. The growth in the price of electricity has led to a seasonal decline in the BTC hashrate: at this point, miners turn off equipment and shift their powers to regions where electricity prices are more affordable, first of all , in Inner Mongolia or abroad.
Time goes by, the market changes but BTC still has the reputation of a bubble. Euro Pacific Capital chief believes BTC miners are too confident and more confident in the steady growth of their assets than market players were before the dotcom crisis of 2001.
Mr Schiff compares BTC to the famous bubbles in the market and blames BTC for being the largest the market has ever seen. We’ve been hearing Schiff’s point of view for a long time – he’s one of the top critics of cryptocurrency.
For this article, we used TradingView’s BTCUSD charts.
Warning: All forecasts contained in this document are based on the opinion of the authors. This analysis should not be taken as business advice. RoboForex will not be held responsible for any trading results arising from reliance on the trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online currency broker.