Pivot or continuity – The price of Bitcoin (BTC) is still awaiting the event of the week which could allow it to recover los $21,000, or to remain at the levels near $20,000.
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The dollar and Bitcoin price in uncertainty
Bitcoin price rises to $20,689 on Bitfinex today, 1uh November 2022. Cryptocurrency it trades at $20,468 at the time of writing this article. They are currently marketing the right to doji.
The dollar, which has come back from 111, is currently worth 1 point compared to its level of growth on October 25, 2002, when Bitcoin had regained $20,000. Just before I recorded 4 green chandeliers after Oct 27, they also stepped into a doji for the DXY today.
Uncertainty reigns also for Bitcoin and the dollar, on the eve of the FOMC meeting. If you date them, you leave a house with 75 basis points of interest for most of them, they still have to sign a pivot, which will give you a sense of a 50 point raise rather than 75 points, for the rise after.
Bitcoin back in a macro range
On a daily basis, Bitcoin price seems to be enjoying support around the $20,310 – $20,345. In terms of resistance, Bitcoin continues to be hit with a bear blockade around the 100 day moving average, around $20,770. This resistance zone forces Bitcoin to reclaim $21,000.
On a longer timescale, trader Rekt Capital took an interest in October’s monthly close, which was signaled by Bitcoin’s return to the range of $20,000 to $23,000.
To be able to confirm this comeback, Bitcoin “may need to dive in the short term” to around $20,000, “for another test attempt”.
Bitcoin price could push a block higher around $30,000, against all odds against it for the latest, please. The dollar and Bitcoin waiting now are signs of a pivot that, in forensic terms, takes advantage of the other’s loss, if effective.
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