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Last Updated on October 24th at 1:04 PM GMT Time

 

Bitcoin Support Levels: The $5100 level is the Key Support level for the BITCOIN (BTC) stopping the bullish run of the strong bullish trend. 

S1: $5560

S2: $5530

S3:$5469

Bitcoin Resistance Levels: The $6088 still acting as the key resistance level confirming the initial objective for bullish traders

R1:$5871

R2:$6088

R3:$6189

The Fifth Wave scenario has provided itself as the market controller of the price action of the BITCOIN targeting a new historical high at $6189/BTC .

 

We mentioned in previous reports that technical analysts find difficulties in analyzing the deadline of the fifth wave due to its characteristics and to the psychology of the traders. However, we expected a stop for the bullish rally due to the Strong historical trend line within the five bullish runs.

 

The Series of the lower highs and the lower lows on the daily chart accompanied by the creation of the Bearish candles sticks on the daily chart warns for a topping scenario especially if we see a close under the $5469.

 

A close under $5469 will create a bearish-selling pressure especially if this breakout confirmed with a clear selling signal on the Moving Average Convergence Divergence. The Relative Strength index started to have a confirmation of a double top formation enhanced with a cross-selling signal from the stochastic oscillator.

 

The Bottom Line

 

The BITCOIN may drop to $5100 due to the need of a constructive correction before any bullish resumption.