What is your view on Bitcoin? $BTC | Crypto_Awad on Binance Square

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What is your view on Bitcoin?$BTC 

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Short-Term Insights: A Mixed Bag The short term trend of Bitcoin is positive however, there are some warnings not to be ignored. Currently, it is trading at $68,640 with a nearest resistance at $69,000. This could force the price to any of the directions depending on the traders present in the market. Bitcoin has recently witnessed a noticeable dip in the momentum. The MACD line crossed below the Signal line showing that sellers are leading. The RSI has also fallen from 79 points to 54. This is a clear sign that the positive momentum is losing stream. In the last 24 hours, 101,433 traders were rekt. A total of $229.17 million worth of crypto funds was liquidated. Most of this came from long positions. This is a matter of cautiousness for investors. Medium-Term Outlook: Caution Ahead Looking at the medium-term picture, Bitcoin’s story becomes a bit more complex. It did break above $67,241, which is usually a good sign and could mean prices might reach up to $84,547. But, the drop below $71,000 raised red flags, hinting that further declines could be on the table. Trading volume has also been weak during these moves, which doesn’t add much confidence. Experts rate Bitcoin as negative in the medium term. This means that while a jump is possible, traders should be ready for sudden moves either way over the next few months. What to Expect Next Long-term, the outlook seems brighter. Bitcoin is still in a rising trend channel, which suggests optimism among investors. A strong move above $67,241 could set the stage for prices to head even higher, potentially past $84,000. There’s even a cup-and-handle pattern forming on the weekly charts, which some see as a bullish sign pointing to $100,000. But if the break below $71,000 holds, more declines might come.$BTC

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Ethereum Test of Local Support Hangs near $2,400 The Ethereum price action shows a bearish turnaround from the 100-day EMA with a 5.39% fall last Thursday. This results in an evening sharp pattern and breaks below the 50-day EMA. The current retest of the local support trend occurs near $2,461. This is putting additional pressure over the $2,400 critical support. However, the bullish divergence in the daily RSI line increases the possibility of a rebound rally. With the 100-day acting as the dynamic resistance, the bullish attempt to reach the $2,729 resistance level could find an in-between surge in supply. Currently, the 100-day EMA stands at $2,645, making it an area of high supply. If the BTC price manages to reclaim the $70,000 mark, the recovery run in Ethereum is likely to challenge the $2,729 near the 200-day EMA. In case of a bullish breakout, the 50% Fibonacci level at the $3,100 mark is a potential price target. By the end of November, a recovery run could reach the $3,500 mark. On the flip side, if Ethereum breaks below the $2,400 mark, Ethereum could reach for $2,235. $ETH

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Bitcoin (BTC) Rejects Price Below $68k Following a bullish failure to surpass the $73,600 resistance level last week, the BTC price took a re-test of the $68,000 level. The BTC price is now below the 78.60% Fibonacci level and is currently trading at $68,607. With a doji candle information, the possibility of a Morningstar reversal is shaping up. However, amid the rising uncertainties due to the U.S. presidential election, a potential re-test of the 67.80% Fibonacci level at $66,167 is possible. While the daily RSI line shows no significant divergence, the 50-day EMA is rising towards the 67.80% Fibonacci level to provide dynamic support. Hence, despite the downside risk, the Bitcoin technical indicators project a high possibility of a bullish post-retest reversal. $BTC

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