Bitcoin (BTC) price stands above $28,000
Bitcoin (BTC) price gains stalled last week, failing to close above $28,000.
Bitcoin has now fallen since October 2nd, hitting a high of $28,580. It is trading in the middle of a horizontal range. Where does it go from here?
Bitcoin price increase by 28,000 dollars
The weekly time frame analysis shows that the price of Bitcoin has increased since the week of September 11. This upward move confirmed the $25,300 horizontal level as reliable support.
BTC's price rally gained momentum two weeks ago, forming a candlestick pattern. This particular candlestick pattern erases all losses from the past, indicating a positive outlook for future price trends.
However, Bitcoin failed to sustain its gains last week, creating weekly candlesticks on its side, often seen as a sign of indecisiveness.
BTC price is now trading between the horizontal range between $25,300 and $30,500.
The weekly RSI is not determined. With RSI as a momentum indicator, traders can determine whether the market is overbought or oversold and decide whether to accumulate or sell an asset.
Bulls have the advantage if the RSI reading is above 50 and the trend is up, but if the reading is below 50, the opposite is true.
The RSI is very close to the 50 trend line since August (green circle), indicating an indeterminate trend.
BTC Price Prediction: Will Distortion Lead to Lower Range Retest?
Daily timeframe technical analysis for Bitcoin price is a bullish atmosphere. The main reason for this is the decline that started on October 2 (red icon) when Bitcoin formed a candlestick (red icon) after moving above $28,000 (red line).
It proved that the subsequent reduction was merely a distortion of the previous action and not a legal dissolution.
Although the price action of BTC is weak, the RSI gives hope that the rise will continue. Because the bullish differential trend (green) that preceded the overall increase is still uneven. And the indicator is more than 50.
If the ongoing decline continues, BTC could fall another 7% and reach the $26,000 resistance trend line.
Despite this pessimistic Bitcoin price forecast, a daily close above the $28,000 resistance area could add 9.50% to the next resistance at $30,500.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
