BTCUSD - 1D Chart Analysis
Excepting the 15th of October when the price of Bitcoin has registered a "spike", reaching the level of 7803$ and having also a quick retrace, we could see a long period of 67 days when this one has oscillated between the minimum of 6119$ and the maximum of 6896$, with many traders who rushed with their optimist scenarios.
And here we are, finding ourselves in front of the 3rd consecutive day of dropping after the price of Bitcoin has offered us a surprise, but different than the one we were expecting. More precisely, the latter recorded a new minimum for this year after the previous one of 5835$ was set on the 28th of June.
Now, even if most of the oscillators are indicating "oversold" positions and we can consider somehow normal a "correction" after a drop in price of almost 1000$, there are 2 indicators which are showing a possible scenario in which the price may continue the drop as it follows :
* The Stochastic's crossover on the 13th of this month indicated the price decrease which we could see, but the "oversold" area was not reached yet.
* The MACD which also gave us a clue about the "break down", has it's line still below the Signal one, meaning that the "correction" may be delayed.
At this stage, a target price of 5974$ can be considered realistic for the medium term, but this doesn't mean that it has no change to reach 5486$ before.
And here we are, finding ourselves in front of the 3rd consecutive day of dropping after the price of Bitcoin has offered us a surprise, but different than the one we were expecting. More precisely, the latter recorded a new minimum for this year after the previous one of 5835$ was set on the 28th of June.
Now, even if most of the oscillators are indicating "oversold" positions and we can consider somehow normal a "correction" after a drop in price of almost 1000$, there are 2 indicators which are showing a possible scenario in which the price may continue the drop as it follows :
* The Stochastic's crossover on the 13th of this month indicated the price decrease which we could see, but the "oversold" area was not reached yet.
* The MACD which also gave us a clue about the "break down", has it's line still below the Signal one, meaning that the "correction" may be delayed.
At this stage, a target price of 5974$ can be considered realistic for the medium term, but this doesn't mean that it has no change to reach 5486$ before.
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