Bitcoin price prediction for today
Today we are going to analyze Bitcoin price and understand the potential price action that might happen this month of October 2019.
First of all lets see the peaks and valleys of BTC/USD chart.
As you can see, all the peaks and valleys had some kind of consolidation followed by quite big price movements.
The reason is that on those levels are accumulated huge amount of Buy/sell orders making those levels unbalanced from the point of view of supply and demand.
Looking further we can see that those levels have something special. They always push the market up or down based on the accumulated trading volume.
On my next predictions I’ll be talking more about those levels and how to understand them much better, but for now lets focus on the price forecast of bitcoin.
One more thing, I going to show you vision as simple as possible not making fancy drawing on the chart.
Remember bitcoin trading at 3k to 4K levels? Some people talking about the death of BTC other the best time to buy meanwhile the interest of bitcoin was almost zero.
From august to September 2017 we saw an accumulation continued by huge breakup level making a price movement X14 time bigger than the consolidation level. ( see the blue color line)
This level accumulated huge amount of corporate pending buying orders due the fact that there was amount of buy positions on BTC. Believe me, noone was interested to let that level break down. 🙂
The once the BTC price reached that level with huge red candle pointing down like it was the end of crypto we saw how the buyer made their big step on holding that level, consolidating that level, ans slowly breaking the back of the sellers. Look the chart bellow.
Based on the price action and its potential movement Bitcoin had the chance to get 60% to 70% of the last BTC price rally. Which equals around 14K to 15K. (Math bellow)
4,660 – 19,600 = -14,900
60% = 8,940 + 4,600 = 14,440
70% = 10,490 + 4,600 = 15,030
Look the chart below for the proof.
In this case we can see that we had an other level like the 4K to 5K Buy level BUT a sell level.
This time from 14K to 16.5K level pointing to 6K level which equals 3X the
This price action numbers show that the BTC current price is where it should be and from here the price can continue its growth as all the selling orders have been executed and reached its level. (Math bellow)
14,000 – 6,000 = 8,000
60% – 4,800
70% – 5,600
14,000 – 4,800 = 9,600
14,000 – 5,600 = 8,400
So, we can conclude that the BTC is ready to start moving upward from now.
For better view, I will display the Daily chart to have more clear vision on why it should be going up from here.
Next analysis will go deeper on the potential upward resistance levels where the price can stop for small pullbacks.
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