Bitcoin Price Prediction: BTC/USD Likely to Touch the $28k Resistance
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Bitcoin Price Prediction – October 5
The Bitcoin price prediction is currently consolidating and seems to be preparing for the next move above the resistance level of $28,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $31,000, $32,000, $33,000
Support Levels: $25,000, $24,000, $23,000
BTC/USD is seen trading bearishly around the $27,750 level, with the current consolidation pattern, the king coin stays above the 9-day and 21-day moving averages. Though Bitcoin (BTC) begins the day off intending to trend higher, any bullish movement toward the upper boundary of the channel could hit the nearest resistance level of $28,000. Meanwhile, any cross below the moving averages could locate the first level of support at $26,000. Beneath this, other supports lie at $25,000, $24,000, and $23,000.
Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside
The Bitcoin price is consolidating above the 9-day and 21-day moving averages; however, this is looking less and less likely with each failed breakout attempt. On the next positive move, BTC is likely to break toward the upper boundary of the channel as the candle is still yet to close. Meanwhile, it does look like the bulls may end up closing above this barrier as the potential resistance levels could be found at $31,000, $32,000, and $33,000.
BTC/USD Medium-term Trend: Ranging (4H Chart)
On the 4-hour chart, BTC/USD may need to stay above $27,700 and move toward the upper boundary of the channel to mitigate the short-term bearish pressure so that it can hit the nearest resistance level of $28,000. Nonetheless, this psychological barrier may be closely followed by the resistance level of $29,000 and above.
On the contrary, if the king coin heads to the downside, the nearest support may come at $27,000, and a sustainable move lower will increase the downside pressure and push the price toward $26,500 and below. Considering the technical indicator that the 9-day MA is likely to cross above the 21-day MA, the coin is starting to revert to the upside as traders might expect that the bull’s case scenario may come to play.
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