Bitcoin price analysis by Coinidol.com. Bitcoin (BTC) price resumed its uptrend after breaking through the $28,400 resistance level.
Bitcoin (BTC) Price Long-Term Forecast: Bullish
Bitcoin facing the resistance at $28,400 has limited the price’s upward movement since August 29. Nevertheless, the bulls broke through the resistance on October 29, paving the way for further gains. A retreating candlestick tested the 50% Fibonacci retracement level of the October 2 upswing.
The retracement predicts that Bitcoin will rise to the Fibonacci extension level of 2.0 or $32,033. Bitcoin has already reached the psychological price level of $30,752. As it approaches the expected price of $32,000, the bullish momentum is likely to encounter resistance. The current high represents an overbought market zone. The largest cryptocurrency has failed to break above the previous high of July 13.
Technical Indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
Bitcoin (BTC) Indicator Reading
The price bars that are above the moving average lines have caused the value of the major cryptocurrency to rise. Since October 1, the BTC price has completed a bullish crossover, indicating that bullish momentum has resumed. The moving average lines are pointing north, indicating that the trend is up.
What does the next direction look like for BTC/USD?
Bitcoin has regained the psychological price level of $30,000. The largest cryptocurrency is approaching the point where it is likely to face resistance. The cryptocurrency value retested the resistance area between $31,000 and $32,000 in July, but was rejected. The BTC price is currently being rejected as it retests the $31,000 high.
On October 16, BTC broke through the 21-day simple moving average and began an upward movement, as Coinidol.com reported before. The bullish momentum broke through the resistance at $28,600 and rose above the psychological price level of $30,000.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/bitcoin-rises-again-and-recaptures/