Bitcoin News and Analysis
- Bitcoin prices flat ahead as NASDAQ, S&P and DJI rise
- BTC/USD oblivious to fundamental risks as technical levels hold
- US tech giants prepare for the release of Q3 earnings while consumer confidence for October falls short of expectations
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As the longer-term downtrend remains constructive below the 2017 high of $19666, Bitcoin volatility has subsided, driving price action into a narrow range. With US Dollar dominance driving sentiment throughout the year, Fed rate hikes and diminishing growth forecasts have remained the primary catalyst for risk assets.
However, with major tech giants Microsoft and Alphabet expected to release Q3 earnings later today, Apple, Amazon and Facebook will be reporting later this week.
While resilient earnings boosting NASDAQ, S&P 500 and Dow Jones, Bitcoin has failed to make any major moves outside of the recent range.
Bitcoin (BTC/USD) Daily Chart
Chart prepared by Tammy Da Costa using TradingView
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The Fundamentals of Range Trading
Provided that bears manage to drive prices below the 18000 psychological level, a retest of the June low at 17592.78 and a break of 16000 could pave the way for bearish continuation back towards 14000.
Bitcoin (BTC/USD) Four-hour Chart
Bitcoin Key Levels
| Support | Resistance |
|---|---|
| S1: 18183 (Current monthly low) | R1: 19666 (Dec 2017 high) |
| S2: 17792.1 (78.6% Fib 2020 – 2021 move) | R2: 20000 (Psych level) |
| S3: 17592.78 (June low) | R3: 22718 (September high) |
— Written by Tammy Da Costa, Analyst for DailyFX.com
Contact and follow Tammy on Twitter: @Tams707