BTC/USD remains above support

Source: Dukascopy Bank SA


Throughout September and October, the BTC/USD has been range bound between the support zone at 17,600.00/18,830.00 and resistance at 22,000.00/24,470.00. At the end of October, the price bounced off the support zone and managed to break the resistance of the 50-day simple moving average, which kept the pair down throughout the month.

A continuation of the surge is expected to test the resistance zone at 22,000.00/24,470.00, before approaching the 25,000.00 mark and the 200-day simple moving average.

On the other hand, a decline could first look for support in the 50-day simple moving average. Further below, the 17,600.00/18,830.00 zone is set to slow down or stop the cryptocurrencies descend.
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