Bitcoin Price Analysis 22nd October

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This week bitcoin went up 10%, trending up from $250 to a week high of $ 275. The market exhibited intent this week, moving up strongly on the back of equally convincing volumes.

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Looking at this chart from last week’s analysis, the market had to overcome resistance at $250 (4) before moving up higher towards 100 EMA target at $276 (5). Moving average lines are great for targeting resistance and support levels. You can quickly tell how strong a level is by attempts made to break it. Like (1), (2) and (3).

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As I write this, price sits right below 100 day EMA line at (5) $268, where resistance is pushing back on it into a consolidation. Price halting at this level is no coincidence. There are multiple indicators why price is consolidating here before a decision on whether more upside will follow.

(3)

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