According to coinmarketcap.com, after reaching the all-time high price on October 20, which is $66,930.39, Bitcoin’s price began to decrease to reach the price of $60,662.41 on October 23. But, don’t worry for Bitcoin investors and traders, because according to technical analysis, Bitcoin is still on an uptrend to retest the all-time high area at $66,930.39.
If we look at the Bitcoin chart above, 2 areas are one yellow and the second is red, and there is also one thick green line. The top yellow area is the resistance area that must be tested again by Bitcoin and if successfully broken up, then the price movement of Bitcoin will be higher because the price throughout the time successfully broken. If the yellow area is not successfully penetrated, then the price will test the red area which is supported around the price of $ 59,558 – $ 58,176. And the worst-case scenario is that if the price manages to break down the red area, then the price will go to a thick green line in the area of $ 53,634 – $ 52,953, and this is one of the support areas that must be maintained so that the price of Bitcoin continues its upward trend.
Now, let’s first pay attention to the price movement of Bitcoin whether it will break its support area or its resistance area. And do not forget that investing or trading bitcoin is a very high risk, please determine the profit target you want by the risk on your capital.