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The October 25 breakout has stalled once the Bitcoin price reached the 100-day MA. The BTC price has created a symmetrical triangle and a possible triple bottom inside it. The short-term outlook remains slightly bearish.

The upward move of October 25 ended once the Bitcoin price reached the 100-day MA.

We have slightly adjusted the main resistance area at $9500 to account for closing prices instead of wicks. The price has not yet reached a close above it.

Also, the BTC price is consistently making smaller candles — with yesterday’s one being engulfed in the body of the prior day’s bearish candle.

Since reaching the high, BTC has been trading inside a symmetrical triangle.

We have slightly adjusted the support and resistance lines to account for yesterday’s movement.

Short-term resistance and support areas are found at $9800 and $8600-$8700, respectively.

One bullish development is the creation of what looks like a triple bottom at $9200. However, there is no bullish divergence to confirm this pattern.

The Litecoin price has broken out from a descending wedge it had been trading in since July 8.

The breakout began once the price dropped to $50, which is a previous support level and the 0.786 fib level of the entire upward move.

However, there is some bearish divergence developing after the breakout.

Therefore, we could see a drop that would validate the previous resistance line — a very common movement after a breakout.

However, the long-term outlook for Litecoin looks bullish.

 Good luck and happy trading! For yesterday’s analysis click here.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Twitter, TradingView.

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The post Bitcoin and Litecoin Analysis for 2019-10-30 [Premium] appeared first on BeInCrypto.

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