Bitcoin Market Outlook and 5000 USDT Giveaway by ProEX

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Last Updated on November 2, 2022 by Bitfinsider

Bitcoin (BTC) Daily Chart Analysis

Bitcoin (BTC) has battled to recapture its positive momentum in recent times; despite the uncertainty that has befallen the crypto industry, the price of BTC has received some relief after rallying to a weekly high of $20,800 after displaying such vigor on the weekly low.

The previous weeks have been nothing but difficult and monotonous for the BTC price, as the price continued to fluctuate in a range around $19,000, causing certain altcoins to lose their crucial support zone despite the market’s low liquidity.

After closing over $19,500 on a weekly basis, the price of BTC rose to a high of $20,300; the price has faced a little rejection to break higher to a region of $20,500; the price fought to break above this region as it climbed to $20,800.

The price of BTC has maintained its bullish structure above the $20,500 zone, and the price of BTC is eyeing a rally to the $21,600 region, which could play a crucial role in its climb to $22,000. If Bitcoin fails to surpass $21,600, the price could fall to $20,500 or lower as support zones.

On the daily timeframe, the price of BTC remains bullish after breaking out of its descending triangle and rebounding to a high of $20,800 on robust activity.

After successfully breaking out of a descending triangle, BTC is currently trading around $20,750, barely above its crucial Support at $20,300. The price of Bitcoin is trading above the 50 Exponential Moving Average (EMA), which amounts to $19,800 and will serve as Support for any future price decrease.

The price of BTC is battling to break and close above $21,200, which corresponds to the 32.8% Fibonacci retracement value (Fib Value); if the price breaks and closes, the price might surge to $22,500, which corresponds to the 61.8% Fibonacci retracement value.

The weekly resistance for Bitcoin’s price is $21,600

The weekly support price for Bitcoin is $20,500

ProEX Double the luck, 5000 USDT prize pool is waiting for you!

ProEX is more than just an exchange. It’s a crypto community that brings together people with diverse crypto and blockchain interests.

Anyone in the world can join the ProEX community for free. You can join the community whether you are a developer, HODLer, or ProEX user. Indeed, the more diverse talents that join the community, the stronger it becomes. You can find out more about their communities here.

In response to the support of ProEX users who have been following ProEX since the beginning, ProEX will hold an event “Double the luck, 5000 USDT prize pool is waiting for you!”. During the event, join the Discord group to participate in the Periodic Giveaway Event, and then you can get a double chance by taking a screenshot and giving the proof to ProEX.

During the event, all users on ProEX will have a chance to get rewards by completing the following 4 steps : 

  1. Invite friends to register ProEX with your invitation code
  2. At least two people join Discord group and get ProK identity 
  3. Participate in weekly raffles on the #Giveaway channel
  4. Screenshot of the page where you successfully participated in the lucky draw and submitted to ProEX:

By completing the above steps, in addition to the Giveaway in the Discord group, you are also eligible to participate in sharing 5,000 USDT prize pool.

Event Duration: (UTC+8) 10/08 00:00 ~ 11/04 23:59

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.