The bitcoin price on Friday bounced off the key support at $18,854 before finding strong resistance at about $19,235. The price of the pioneer cryptocurrency is now trading just below the 100-hour moving average line.
The BTC/USD also seems to be trading within a sharply ascending channel formation in the 60-min chart. As a result, the bitcoin price has advanced to trade closer to the overbought conditions of the 140hour RSI.
Bitcoin Price Fundamentals Overview
From a fundamental perspective, bitcoin continues to experience significant market pressure amid the crypto downturn. However, the price of the pioneer cryptocurrency on Friday benefitted from the weakening of the USD amid the latest US economic data. Moreover, venture capital investors continue to pounce on the industry with Oanda and Kitco becoming the latest mainstream financial brokerage companies to join the crypto rush. Oanda will launch a crypto trading service in the US, whereas Kitco will do the same in the EU.
In the latest round of US data, the Philadelphia Fed Manufacturing Survey for October outperformed the expected reading of -30 with a reading of -26.7. On the other hand, the initial jobless claims for last week beat the forecast claim count of 230k with a lower tally of 214k, while the continuing claims for the preceding week missed the estimate of 1.375 million with a higher tally of 1.385 million.
Bitcoin Price Technical Analysis (the 60-min Chart)
Technically, the bitcoin price seems to be trading within a sharply ascending channel formation in the 60-min chart. This indicates a strong short-term bullish bias in the market sentiment.
Therefore, the bulls will be looking to extend the current rally towards $19,333 or higher to $19,514. On the other hand, the bears will be targeting short-term pullbacks at about $19,014 or lower at $18,854.
Bitcoin Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the pioneer cryptocurrency seems to be trading within a consolidative triangle formation. This indicates a lack of a clear directional bias in the market sentiment.
Therefore, the bears will be targeting downward breakout profits at about $18,167 or lower at $17,125. On the other hand, the bulls will be targeting long-term profits at about $20,487 or higher at $21,697.