Bitcoin (BTCUSD) Price Forecast: October 11
BTCUSD selling pressure may possibly end soon to face the positive side as usual. The crypto price may likely retrace at the current support at the $27268.63 value as soon as the selling pressure has been exhausted. Therefore; if buyers should accelerate their price actions in the market, the coin might turn positive and the $31862.21 supply value might be retested soon.
Key Levels:
Resistance Levels: $27000.00, $28000.00, $29000.00
Support Levels: $25000.00, $24000.00, $23000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
The BTCUSD pair is in a bullish market zone in its higher time frame as can be seen from the chart below. The price is currently in red above the EMA-50, which indicates an uptrend. This gives room for the coin price to retrace from the current support to wade off the bearish shackles.
The bullish reversal at the $28288.88 high value on the 6th of October has sustained the coin above the trend line in recent times.
The coin having dropped down to a low at the $28122.00 support value above the EMA-50 as the daily chart resumes today indicates an uptrend. This will give room for the buy investors to influence the price tendency.
Thus, should buyers change their orientation and increase their buying swagger, the price of BTCUSD could turn positive and break above the $31862.21 supply mark to invalidate further bearish thesis.
Meanwhile, the Bitcoin price is set to retrace at the mentioned support as the market price now approaches the oversold region. This indicates that the coin will resume an uptrend soon, so we can now grow in confidence that a potential buy is coming near.
If this is attained, the next bullish correction phase could reach a high at the $31862.21 supply mark soon in its higher time frame.
BTC (USD) Medium-term Trend: Bearish (4H Chart)
The market value of Bitcoin can be seen in a bearish scenario in its medium-term outlook. This is due to the interference from the sell traders. Further, the price is set to retrace at the current support to face the upsides and achieve more gains.
The price drop to the $27906.58 low value during the previous action has made the coin price trade below the supply levels. This will soon be invalidated as the market value is oversold already.
Actions from the bears further dropped the coin price down to the $27268.63 support level below the EMA-50 as the 4-hour chart resumes today. Thus, the anticipated bullish retracement could kick start a new recovery cycle and may push the price above the $28440.85 price level.
Additionally, the price is also pointing in an upward direction in the oversold region, this suggests that the coin market price may likely retrace from the mentioned support and this could reach a high at the $31862.21 mark sooner in its medium-term time frame.
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