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Bitcoin News and Analysis
- Bitcoin prices flat while 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. Stocks head higher despite rising recession fears and a slump in US consumer confidence.
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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, Alphabet, Apple, Amazon and Facebook reporting Q3 earnings over the remainder of the week, rising recession risks and higher rates have weighed on US consumer confidence which fell short of estimates for the month of October.
Although resilient earnings and hopes of a slowdown in the pace of Fed tightening has buoyed gains for 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
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