Speculative BTC Movement Before 13 October -CPI Data Release

It has been challenging for Bitcoin (BTC) and the cryptocurrency markets to begin a strong, sustained rebound. This suggests that sentiment is still gloomy, since traders are unwilling to increase their portfolios’ exposure to risk.

The U.S. equities markets witnessed a steep dip following the release of September’s nonfarm payroll statistics on October 7; yet, they still managed to achieve modest gains for the week. In the past week, the S&P 500 index increased by 1.5%, while the Nasdaq Composite index increased by 0.7%. Currently, the Bitcoin price is projected to end the week with moderate increases of roughly 2%.

Bitcoin has been managed to avoid a price crash over the past few days, despite the fact that U.S. equity markets have been suffering. This is the first hint that selling pressure may be reducing, and traders may not be willing to sell their holdings at lower prices, based on this trend’s first indication.

Bitcoin, on the other hand, will require some support from the return of the risk-on sentiment in order to sustain its rebound. Until then, price movement is likely to be turbulent and range-bound, with rival cryptocurrencies offering trading possibilities.

Bitcoin’s struggle to maintain a price moving average ($19,561) indicates that the bears have not yet given up the fight. On October 7, the sellers were able to knock the price below the exponential moving average of 20 days, which was $19,328, but they were unable to push the price lower until it reached the $18,646 support level. This suggests that bulls are attempting to make a higher low in the near future by acquiring at lower prices and buying on dips.

According to the 20-day exponential moving average (EMA) and the relative strength index (RSI) placed just below the median, there appears to be a healthy equilibrium between supply and demand.

A proper closing over the $19,700 resistance might drive the price towards the 50% Fib Fib retracement level of the decline ,and that will be a good sign valid for few days before 13th October which is the CPI data release day, but before that we will see a retracement from $19,470 it will go down to around $19,000 on early Monday to kickoff before the morning bell rings again for the indices to start business for the week again

According to the stated scenario, the price may approach the $20,500 resistance level. After that, the BTC/USDT pair might stage a recovery and surge to $22,800, where the bears could once again mount a spirited defense., but this scenarios need to happen before the 13 october

Bitcoin’s price may continue to decline if it is unable to break past the $19,700 barrier zone. On the downside, immediate support is located in the $19,400 region.

The vicinity of $19,250 serves as the subsequent major support. If the price falls below the $19,250 support zone, greater market losses may be imminent. According to the presented situation, there is a chance of a move towards the support zone around $18,500 , as monday all indices might turn jittery , as Russia is likely to take major offensive actions on Ukrainian cities or even the capital due to the Crimea Bridge attack and it might turn out as major offensive all across the country as it has been few weeks since Ukraine has recaptured back some of the territories

On the downside, the bears may struggle to drive the price below the zone of $18,626 and $17,626, as the bulls are expected to defend the zone with all their strength. The location of this zone is between $18,626 and $17,626. Nonetheless, if the zone is breached, the continuation of the bearish trend could commence with the next leg. If the trend continues, the pair may fall to $15,000. Bitcoin and US Dollar four-hour chart

If the price manages to break above its moving averages, it is probable that the pair may reach $20,475 again. In order to complete an ascending triangle pattern, the bulls must push the price over this resistance and maintain that position. If this scenario materializes, there is a potential that the pair would rally to the pattern’s $22,800 goal.

This bullish pattern would be invalidated if the uptrend line were to be broken and then closed below. If this were to occur, selling might intensify and the pair could decline until it reaches the important support at $18,125.

From there after the CPI release data is announced, BTC usually will slump, then all could be revived if the corporate earning results from this coming quarter is positive ,this roughly can be seen in the Nonfarm data ,when employment is still showing there are production order to fill and labors are still in progressive mode