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TA- Bitcoin Bounced off Key Support After CPI Announcement

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Ta- Bitcoin Bounced Off Key Support After Cpi Announcement
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The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement in the United States. The metric is used to measure inflation in U.S. dollar and hints at a potential slowdown. 

Bitcoin price saw a pullback from $24,200 to $22,800 despite showing signs of relief rally but was faced with resistance to breakout ahead of CPI news sentiments. (Data feeds from Bitstamp)

Price Analysis Of BTC On The Weekly Chart

Weekly Price Analysis For BTC | Source: BTCUSD On Tradingview.com

From the chart, the price of BTC saw a weekly low of around $19,100, which bounced from that area and rallied to a price of $24,300.

The price has built more momentum as it faces resistance at $24,300.

If the price of BTC on the weekly chart continues with this bullish structure, it could quickly revisit  $28,000.

Weekly resistance for the price of BTC – $28,000.

Weekly support for the price of BTC – $19,100.

Price Analysis Of BTC On The Daily (1D) Chart

1660151841 140 Ta Bitcoin Bounced Off Key Support After Cpi Announcement
Daily Price Analysis For BTC | Source: BTCUSD On Tradingview.com

The price of BTC found strong support at around $20,600, with what seems to be an area of interest on the daily chart.

BTC bounced from its support, forming a rising wedge as it faces resistance to break above $24,200.

At the point of writing, the price of BTC is at $23,980, trying to break the resistance of $24,000 that corresponds to the 50 exponential moving averages (EMA). 

If the price of BTC fails to break above the 50 EMA region, and at the same time breaks below the ascending wedge,  $20,600  would be a good support to hold sell-offs and a possible price bounce.

With more buy bids, and the positive CPI announcement we could see the price of BTC breaking out above $24,300, and BTC price will trend higher.

The RSI for the price of BTC on the daily chart is above 50, indicating healthy buy bids for BTC.

The volume for BTC indicates low buy bids, this shows bulls would want to know the outcome of the CPI meeting.

Daily (1D) resistance for BTC price – $24,300.

Daily (1D) support for BTC price – $22,800, $20,600.

 

Price Analysis OF BTC On The Four-Hourly (4H) Chart

1660151842 984 Ta Bitcoin Bounced Off Key Support After Cpi Announcement
Four-Hourly Price Analysis For BTC | Source: BTCUSD On Tradingview.com

The price of BTC has shown a range in an ascending wedge on the 4H chart, as the price faces rejection at $24,000.

BTC’s price is $23,990, trading above the 50 but above the 200 EMA with prices of $23,200 and $22,700 on the 4H chart. These prices would be a support area for BTC on the 4H chart.

Four-Hourly (4H) resistance for BTC price – $24,300.

Four-Hourly (4H) support for BTC price – $23,200, $22,700.

 

With the positive CPI, the price of BTC would trend higher.

 

Featured image from NewsBTC, Charts from TradingView.com 
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Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

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Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.

The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.

This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.

Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.

Will Robinhood Team-Up Bring Good Results?

The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.

According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.

Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.

From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.

By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.

The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.

With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?

Rally In The Offing For Crypto?

As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.

Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).

The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.

If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.

Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.

MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com

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Solana Outage Becoming a Recurring Event Worrying Investors

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Solana Achieves 100 Billion Transactions Milestone
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