Bitcoin (BTC) Price Long-Term Forecast: Bullish
The price of Bitcoin (BTC) has recently shown an upward trend, with a series of higher highs and higher lows. On October 2, BTC reached a high of $28,611 but was pushed back. Currently, the price is at $27,662.
Bitcoin is currently trading below the resistance level of $28,400. However, it is benefitting from the possibility of a rise as it is trading above the moving average lines. The price indicator also suggests that the cryptocurrency could see further growth.
A bearish candlestick tested the 50% Fibonacci retracement level of the September 18 upswing. If the bullish scenario is invalidated, Bitcoin will resume its sideways trend between $26,850 and $28,400. As of October 5, Bitcoin is fluctuating above $27,600.
Bitcoin (BTC) Indicator Reading
Bitcoin is currently trading above the moving average lines or in the uptrend zone. This indicates a potential rise in price. The crossover between the 21-day line SMA and the 50-day line SMA suggests a bullish order. However, there is also a risk of bullish exhaustion as Bitcoin approaches overbought territory.
Technical Indicators:
Key resistance levels for Bitcoin are $30,000 and $35,000, while important support levels are $20,000 and $15,000.
What does the next direction look like for BTC/USD?
Bitcoin’s price is currently fluctuating between $26,850 and $28,400. The recent price action has remained stable above the $27,600 support level. If buyers can break through the resistance at $28,400, Bitcoin’s upward momentum is likely to continue. However, if the price falls below the moving average lines or the support at $26,850, there is a risk for Bitcoin.
On October 2, it was reported that BTC price will retest the psychological barrier of $30,000 if the current positive momentum is maintained above the $28,000 support.
Hot Take: Bitcoin Price Showing Positive Signs of Growth
The price of Bitcoin (BTC) has recently displayed a bullish trend with higher highs and higher lows. Trading above the moving average lines and with indicators pointing towards potential growth, Bitcoin’s price could continue to rise. However, it must overcome resistance at $28,400 to maintain its upward momentum. With key support levels in place, the next direction for BTC/USD will depend on whether buyers can break through this resistance level. Overall, there are positive signs for Bitcoin’s price as it remains stable above key support levels and shows potential for retesting the $30,000 barrier.
By
By
By
