Bitcoin (BTCUSD) Price Forecast: October 23
The BTCUSD price at the moment is currently recovering and also remains and maintains strength above the supply levels. The crypto is showing positive signs above the $29684.73 supply value. If the coin holders could prove stronger and the price shows sustainability above the $31862.21 previous high value, its upside moves could extend further to reach the $32000 upper resistance level and beyond, resulting in an intraday gain and a potential buy signal for the coin holders.
Key Levels:
Resistance Levels: $28000.00 $29000.00, $30000.00
Support Levels: $26000.00, $25000.00, $24000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD remains bullish on the higher time frames. This is clear as we can see the prices printing higher highs and also maintaining strength above the moving average lines indicating an uptrend.
However, pressure from the bulls at the $30248.00 high level during yesterday’s session has really sustained the coin price to remain above the trend line in its recent high.
The bulls successfully pushed the coin price up to the $30369.00 high mark above the resistance trend line as the journey up north continues shortly after the daily chart opens today. This indicates that the bulls remain dominant and have the market price at their disposal at the moment.
Further increase in the buying pressure might possibly lead the price of Bitcoin to retest the previous high of $32861.21 high mark soon.
Hence, a bullish impact by the buy investors toward the higher side is likely as indicated by the stochastic oscillator pointing in an upward direction, the bulls could therefore aim at the psychological level of $32000 resistance value as soon as the crypto maintains a a a strength above the supply trend levels in its long-term perspective.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The market price of BTCUSD is currently trading and maintains strength above the supply levels in its medium-term outlook. So it seems likely that the bulls are about to take over and push us higher to the upper resistance trend levels.
The bullish impact on the crypto to the $29684.73 supply level during the previous action has sustained its firmness above the supply levels in its recent high.
Today, the bulls made an upward move to the $30369.00 high value above the moving average line as the 4-hour chart opens. The Bitcoin price looks promising as the bulls remain dominant in the market at the moment.
If the bulls should increase their price action, and bullish momentum is sustained far above the previous resistance trend lines, further bearish sentiment will be hibernated.
Additionally, the daily stochastic remains in an upward direction. Hence, if the coin buyers manage to break above the $30248.00 previous supply trend line, the market participants may witness a new recovery rally and this may likely reach the $32000 high mark soon in its medium-term time frame.
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