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Bitcoin (BTCUSD) Price Will Break Out from Support Soon

Johnathon Fox
09/28/2023 | UPDATED ON: 09/28/2023

Bitcoin (BTCUSD) Price Forecast: September 28
The Bitcoin (BTCUSD) price has been in a downtrend for a while and is on the verge of reversal at the moment. The price will break out from the support level and could see another uphill trend soon. If the long investors could prove stronger and explore more in the buying action, the coin price might turn upsides to a $31862.21 high mark and its upsides could extend further to the $32000.00 upper high mark and beyond. Hence, a great opportunity and a clear buy signal for long-term investors.

Key Levels:
Resistance Levels: $27000.00, $28000.00, $29000.00
Support Levels: $25000.00, $24000.00, $23000.00
Bitcoin (BTCUSD) Price Will Break Out from Support Soon
BTC (USD) Long-term Trend: Bearish (Daily Chart)
As an outcome of low volume from the long traders, the BTCUSD pair is in a bearish trend on the daily chart. However, the price will break out from the support in the meantime as the selling pressure is about to end soon.

Pressure from the short traders to a $26118.26 low level on the 24th of September has contributed to its bearishness in its recent low.

Today, the bulls are trying hard to remain above the $31399.09 supply mark, so there is a possibility for the coin price to pull back at the current support of $26218.19 to invalidate the bearish theory.

Thus, the anticipated bullish reversal could kick start a new recovery cycle and may push the price above the $31399.09 price level providing an entry opportunity for interested traders.

Adding to that, the stochastic indicates that the Bitcoin market now approaches the oversold region, this means that the price will break from support and in this case, the crypto price might reach the $32000.00 high mark in no long time in its higher time frame.

BTC (USD) Medium-term Trend: Bearish (4H Chart)
At the time of writing this article, the BTCUSD pair is in a bearish movement zone in its medium-term outlook. The price bar can be seen below the supply trend levels.
Bitcoin (BTCUSD) Price Will Break Out from Support Soon
The coin price can be seen below the EMAs, indicating a downward trend. However, this trend will soon be invalidated as the price will break out from the support level soon.

The market has been slowed down in recent times due to the interaction from the bears to the $26011.37 in the previous action.

Today, the bears however made a drop to a $26218.19 support level below the moving averages as the 4-hour chart opens. Thus, the price tendency will climb over the crucial levels if the bulls raise their level of market tension.

Further, BTCUSD is likely going to reverse and break out from the support as the market is now trading around the 30% range of the daily stochastic; it means that the selling pressure will end soon. This will compel the buy traders to resume an uptrend and may likely increase to a $32000.00 supply level soon in its medium-term outlook.

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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 →
Previous Post: « Arbitrum (ARBUSD) Price Looks Good for Buyers at the $0.821 Supply Level
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