Bitcoin price continues to push higher as several factors point to the emergence of a higher timeframe bull trend.
Bitcoin’s break above $32,400 points to the continuation of the bull move, but will traders be able to sustain the current momentum?) easily soared above the $31,000 to $32,400 resistance zone on Oct. 23, which came as a suprise to many market participants. Usually, the price tends to consolidate or hesitate near stiff overhead resistance levels but that was not the case this time around.
The bears are likely to have other plans. They will try to drag the price back below $1,746 and trap the aggressive bulls. The pair may then slump to the 20-day EMA . Such a move will suggest that the pair may extend its consolidation for some more time.) rallied above the immediate resistance of $223 on Oct. 23 but the bulls could not maintain the momentum and clear the hurdle at $235.Sellers are trying to pull the price back below $223.
The RSI remains in the overbought territory, indicating that the pair is at risk of witnessing a minor correction or consolidation in the near term. If the price slips below $29.50, the pair may tumble to $27.12. This level is likely to witness strong buying by the bulls.) jumped above the $0.28 resistance on Oct. 24 but the long wick on the candlestick shows that the bears are selling at higher levels.The ADA/USDT pair is likely to witness a tough battle near the $0.28 mark.
Contrarily, if the price turns down and breaks below the moving averages, it will suggest that the pair may consolidate between $1.89 and $2.31 for some time. The bears will be back in the driver’s seat if they sink the price below $1.89.) broke out of a multi-month consolidation on Oct. 22 when buyers drove the price above the overhead resistance of $9.50.Sellers tried to tug the price back below the breakout level of $9.50 on Oct.
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