In this episode of NewsBTC’s daily technical analysis videos, we examine Bitcoin price action on Halloween night to see if the market is in for any tricks or treats.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): October 31, 2022
The forecast for Halloween night is cloudy with a chance of consolidation, according to the Ichimoku. As long as BTCUSD remains inside the cloud we shouldn’t expect many tricks, nor treats. The most recent rally took pause at the 100-moving average and could return to the 50-day MA for a retest before moving further. Losing both moving averages would send Bitcoin to goblin town.
Bulls Run Into Resistance, But Bears Have Yet To Scare
Last night was a weekly close in Bitcoin, but the top cryptocurrency narrowly missed closing above the mid-Bollinger Band –– a sign that a bullish trend might be brewing that is now at risk of rejection.
During the 2018 bear market, closing directly below the mid-BB led to further consolidation before a larger breakout and it could happen again. Rejection would lead to nightmarish results.
Bitcoin bulls could be in danger Source: BTCUSD on TradingView.com
Related Reading: Are Bitcoin Bulls Ready To Stampede?
