Despite a brief consolidation below $28K, Bitcoin prices remain positive.The 50 day and 200 day moving averages have avoided death crossing and restored positive alignment
- Despite a brief consolidation below $28K, Bitcoin prices remain positive.
- The 50 day and 200 day moving averages have avoided death crossing and restored positive alignment.
- The upward trend of over $28000 will help BTC prices break through the $30000 mark.
Breaking below the $28000 mark horizontally will hinder Bitcoin's rapid rebound in October. Due to the forecast that Bitcoin prices will exceed the $30000 mark, the first week of Bitcoin prices has been proven to be Dickensian. After an increase of nearly 4% on October 1st, prices fluctuated laterally due to indirect supply reaching $28000.
Nevertheless, despite setbacks, Bitcoin avoided any serious pullback and maintained a positive outlook in the first week.
As the bullish reversal remains at the upper limit of $27000, the likelihood of a bullish reversal increases. Therefore, Bitcoin prices may soon continue a positive trend and return to higher levels.
In the 4-hour Bitcoin chart, it forms a triangular shape, with multi touch support trend lines supporting the possibility of an upward trend. In addition, the 50 day moving average has added additional buffering to limit the range of negative cycles.
Under this bullish action, the possibility of an upward breakthrough driving the overall market recovery is higher.
At present, the price of BTC is at $27881, with a daily increase of -0.19%, indicating insufficient upward momentum. In addition, market sentiment is very high as the SEC's decision to compare the spot ETF of special currency approaches.
Technical indicators:
DMI: As the trend momentum on the daily chart increases, the triangular shape limits the variation of the trend in a relatively short period of time. However, the DI line remained positive over a larger time frame and reflected a revival of action.
EMA: The increase in BTC prices helps to avoid dead crosses on the daily chart and increases the bullish gap within the 50 day and 200 day EMA.
Where is the price trend of Bitcoin (BTC)?
Due to the favorable comparison with Bitcoin for most of October, the possibility of a surge in Bitcoin prices is obvious. However, the positive trend is expected to break at some point to drive a bullish rebound.
The triangle breakthrough will signal the continuation of the upward trend and help Bitcoin reach the $30000 mark by the end of this week.
On the contrary, reversing to $26274 may cause the BTC price to plummet to $25600, and in the worst-case scenario, it may drop to $24900.
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