Bitcoin (BTCUSD) Price Forecast: October 17
BTCUSD has been in a downtrend for a while and is poised for advancement. Should the bulls regroup and add more strength to their buying activities, the crypto may break up the previous high at the $31862.21 mark, and this may swing up the crypto price to a $32000 supply level and beyond which indeed will be a turnaround for the coin holders
Key Levels:
Resistance Levels: $27000.00 $28000.00, $29000.00
Support Levels: $25000.00, $24000.00, $23000.00
BTC (USD) Long-term Trend: Bearish (Daily Chart)
BTCUSD remains bearish on the higher time frames. This is clear as we can see the prices trading below the moving average lines indicating an uptrend. Hence, the coin may break the resistance level soon to resume the positive move as the market is oversold already.
However, the previous action at the $26797 low level during yesterday’s session has really sustained the coin price to remain below the trend line in recent times.
The bulls made a pullback to the $26968.75 high mark below the EMA-50 as the daily session opens today. This suggests that the bulls are buying at this level and are ready to break up the resistance trend line soon.
Hence, if the bulls could break up the $30222.00 resistance mark, the next resistance level to watch out for would be around the $32861.21 level.
In continuation, the daily stochastic also signaled up indicating an uptrend in the oversold region. Thus, buyers are expected to continue with the trend and in this case, the price of Bitcoin may break up the $31862.21 resistance value soon in its long-term perspective.
BTC (USD) Medium-term Trend: Bearish (4H Chart)
As an outcome of low bullish momentum, the BTCUSD pair trades in a bearish trend. Sellers are hindering the market from smashing through the supply zones. Meanwhile, buyers have just resumed the rising pattern and this may break up the resistance line soon.
The pressure from the bears to a $26851.71 low value in the previous action has made the crypto stay below the resistance level in its recent low.
The coin is now facing the new correction phase at the $26968.75 supply mark below the EMA-50 as the 4-hour chart opens today. Thus, a break above the $28440.85 supply level would intensify the buying pressure on the crypto.
In addition, if the Bitcoin buyers could increase their buying pressure, the coin price break up the resistance level as soon as the bullish rally just started, with the look of things, the rally might possibly extend the coin price to $32000.00 high value in the coming days in its medium-term time frame.
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