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Bitcoin (BTCUSD) Price Holds Firm above Resistance Trend Levels

Johnathon Fox
10/26/2023 | UPDATED ON: 10/26/2023

Bitcoin (BTCUSD) Price Forecast: October 26
The BTCUSD price is currently facing high buying pressure and also holds firm above the resistance levels. The crypto is showing positive signs above the $33079.72 supply value. If the coin holders could prove stronger and the price shows sustainability above the current price value, its, upside moves could extend further to reach the $36000 resistance level and beyond.

Key Levels:
Resistance Levels: $32000.00 $33000.00, $34000.00
Support Levels: $28000.00, $27000.00, $26000.00
Bitcoin (BTCUSD) Price Holds Firm above Resistance Trend Levels
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD remains bullish and holds firm above the resistance trend levels in the higher time frame. However, the previous action at the $35000.00 high level has really sustained the coin price to remain above the supply trend line in its recent high.

The coin price finds reliable resistance at around $23917.00 level above the two EMAs, resulting in intraday gains. Hence, staying above the resistance trend lines indicates a strong possibility for a bullish correction.

The bulls successfully pushed the coin price up to the $35157.23 high mark above the resistance trend lines as the journey up north continues shortly after the daily chart opens today. This indicates that the bulls hold firm and remain dominant in the market at the moment. Further increase in the buying pressure will lead the price of Bitcoin above the current price which will stop further bearish thesis.

In a like manner, a bullish impact by the buy investors toward the higher side is likely as indicated by the momentum indicator pointing in an upward direction, the bulls could therefore aim at the psychological level of $35000 resistance value as soon as the crypto remains and hold firm above the resistance levels in its long-term perspective.

BTC (USD) Medium-term Trend: Bullish (4H Chart)
The market price of BTCUSD is currently trading in the bullish market zone. This is due to the high inflows from the buy traders. So it seems likely that the bulls will push higher as the price holds firm above the resistance trend levels.
Bitcoin (BTCUSD) Price Holds Firm above Resistance Trend Levels
The bullish impact on the crypto to the $30993.22 supply level during the previous action has sustained its firmness above the supply levels in recent times.

Today, the bulls made an upward move to the $34499.28 high value above the moving average line as the 4-hour chart opens.

The Bitcoin price looks promising as the bulls remain and hold firm above the resistance levels in the market at the moment. If the bulls should increase their price action, and bullish momentum is sustained far above the resistance trend lines, further bearish sentiment will be hibernated.

Additionally, the daily stochastic suggests an uptrend. Hence, if the coin buyers manage to break above the $35157.23 previous supply trend line, the market participants may witness a new recovery rally and this may likely reach the $35000 high mark as the coin price holds firm above the resistance levels in its medium-term time frame.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
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