Bitcoin Price Prediction: BTC/USD Recovers Above $28,500
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Bitcoin Price Prediction – October 17
The Bitcoin price prediction is currently trading above the moving averages after the coin took a dip from the resistance level of $28,088.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $32,000, $34,000, $36,000
Support Levels: $25,000, $23,000, $21,000
BTC/USD bulls are back in action today as the coin moves to cross above the upper boundary of the channel. However, the Bitcoin price is up 0.07% as of writing this, and it is currently hovering around the $28,563 level.
Bitcoin Price Prediction: Where is BTC Price Going Next?
At the time of writing, the Bitcoin price is hovering at $28,563 which could shoot to the upside. The market price is facing the north as the 9-day MA moves to cross above the 21-day MA. Meanwhile, the bulls must reclaim the previous resistance level of $29,000 as this would allow them to focus on higher levels toward $30,000.
On the contrary, any declines toward the lower boundary of the channel could easily open the way to the south. Looking at the daily chart, BTC/USD is attempting to regain ground by moving the market price to the next level. Therefore, any bullish movement above the upper boundary of the channel may push the price to the resistance level of $32,000, $34,000, and $36,000 while the supports are located at $25,000, $23,000, and $21,000 respectively.
BTC/USD Medium-term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price remains above the 9-day and 21-day moving averages hovering around $28,528. Meanwhile, if the Bitcoin price continues to rise further and move above the upper boundary of the channel, it could reach the nearest resistance levels at $30,500 and above.
Nevertheless, if the bears step into the market and push the coin below the 9-day and 21-day moving averages, the price of Bitcoin may likely reach the closest supports at $26,500 and below. At the moment, the chart shows that the 9-day MA is still above the 21-day MA as this confirms the bullish trend for the market.
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