Bitcoin Price Close to $11K, BTC Looking for Foothold

| Updated
by Dmitriy Gurkovskiy · 3 min read
Bitcoin Price Close to $11K, BTC Looking for Foothold
Photo: Depositphotos

On Tuesday, October 8th, the main digital currency, is slightly growing, trading near $10,632.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Tech analysis of Bitcoin (BTC) price.
  • Great Britain limits operations with cryptocurrencies.
  • The profitability of mining BTC is falling.

On W1, not much has changed. The pair keeps correcting an uptrend and is trading near 61.8% Fibo. A bounce off it will signal further growth, the aim of which remains at 100.00%. The MACD histogram is positive, which must be a signal of further growth of the asset. The signal lines of the indicator keep intertwining upon forming a Black Cross, which, again, promises new growth. The Stochastic is moving slowly in the overbought area, enhancing the probability of further growth of the coin.

Photo: RoboForex / TradingView

On D1, the technical picture is almost identical to that on W1: the pair is winding up the correction and returning to the growth. The aim of the growth from the lower border of the channel is still $12,700 USD. The MACD histogram remains negative. The signal lines of the indicator have formed a Black Cross and go on declining, promising another minor correction. The W1 and D1give contradicting signals. Still, a correction before further growth looks more probable.

Photo: RoboForex / TradingView

On H4, the perspectives of Bitcoin (BTC) price for further growth without correction are brighter than on the larger timeframes. The Stochastic formed a Golden Cross near the oversold area, giving another signal of the end of the correction and further development of the ascending dynamics. The aim of the growth, in this case, is the upper border of the ascending channel on H4.

Photo: RoboForex / TradingView

British authorities limit selling crypto derivatives by retail investors; the official reason is the protection of market players from possible losses. The ban concerns derivatives and ETNs and will get in force on January 6th, 2021. The FCA is sure that these products are unsuitable for retail consumers because not all of them can adequately estimate all the risks. The ban is meant to save some 50 million investors’ GBP.

The market took the initiative negatively – some say that the ban can increase risks instead of decreasing them because those market participants who are interested in derivatives and ETNs will have to leave for other trading platforms.

Mining the leading cryptocurrency remains profitable regardless of a slight decrease in the rate and an abundance of outdated equipment. In September, the BTC rate fell by almost 8% while the number of hashes remained nearly the same – 19.3 trillion. This is nearly the high. The fact that the hashrate keeps at its maximum shows that miners do not switch off the equipment. This is a positive signal.

For this article, we’ve used BTCUSD charts by TradingView.

Disclaimer: Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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Kseniia Klichova
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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