Bitcoin (Bitcoin) held $20,000 until Oct. 5, with traders’ targets still including the highs before being rejected.
$21,000 Upside Target Ahead of New Lows
The pair successfully maintained 2017 old record high as supportsomething that Material Indicators, an on-chain analytical resource, hoped would persist as a positive sign.
“BTC is still in the congested range” wrap up In the previous day’s comment:
“Technical resistance retest at 50-day moving average rejected. Would love to see support retest at top of 2017. Bulls may be losing momentum, but price holds A buy barrier was set at $20,000 in order to do so.
Material Indicators has analyzed the charts of the Binance BTC/USD orderbook, showing investor behavior including trades of various sizes.
It mentions the 50-day moving average (MA) and has not yet flipped to a decisive support at $20,170.
Meanwhile, popular Crypto trader Il Capo continued his extant paper containing a trip to $21,000 before a sharper and more permanent drop.
“The local top is yet to come, but it’s very close,” he said. Said Twitter followers:
“20500-21000 is untouched and no ltf distribution. The final leg up is coming soon. After that we see some bearish signs and a reversal to new lows (14k-16k).”
Signs of the end of good times for the US dollar
There was some relief on the horizon as we turned to the crypto market’s key macro trigger, the US Dollar Index (DXY).
“We can push deeper into the box to give BTC/SPX more time to rally,” said fellow trader Maine. explained The accompanying thread also mentions the S&P 500.
“If this area fails, we could see an interruption in the dollar’s parabolic rally and possibly a much longer lasting rally.”
At the time of writing, the DXY has circled 110.6 points, holding just 110 as support, the lowest level since September 21st.
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