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BTC/USD Corrects Gains As Price Drops to $53,379

Bitcoin Price Prediction – October 7

After the opening of the market as we speak at $55,346, the Bitcoin value begins a draw back correction as the value touches the low of $53,379 help.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key ranges:

Resistance Levels: $60,000, $62,000, $64,000

Support Levels: $50,000, $48,000, $46,000

BTCUSD – Daily Chart

At the time of writing, BTC/USD is seen slipping under the $54,000 degree as shopping for stress cooled off. The Bitcoin value is now hovering round $53,854.45 to type a low close to the help degree of $53,000 earlier than stabilizing. At the time of writing, BTC/USD continues to commerce above the 9-day and 21-day transferring averages nevertheless it is down by 2.68%.

Bitcoin Price Prediction: Bitcoin (BTC) May Target Additional Gains

The Bitcoin value is presently correcting decrease for the reason that starting of the day. A decisive break down under the help degree of $53,000 might intensify promoting stress. Therefore, if bears push the market value downwards, the consolidation might flip right into a bear-run. Moreover, the sideways motion is probably to play out for the subsequent few days and the subsequent hurdle for the king coin might floor at $56,000, nevertheless it received’t cease the upper value actions.

However, bulls want huge liquidity and quantity to cross the $57,000 highs and make a splash to the $58,000 degree. The technical indicator Relative Strength Index (14) is seen transferring under the 70-level from the overbought zone because the sharp downward slope is a transparent indication of the affect which can permit bears to improve the stress.

Meanwhile, a reversal is doable however provided that the resistance at $55,000 is reclaimed. The persistence commerce above this degree might technically push the coin to the resistance ranges of $60,000, $62,000, and $64,000 whereas the helps lie at $50,000, $48,000, and $46,000.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

Looking on the 4-Hour chart, Bitcoin (BTC) has not but slipped under $53,000 however within the loop of creating a bounce again. The Bitcoin value hovers across the 9-day transferring common and will probably take time to commerce above the $55,000. At the second, the Bitcoin value is at present transferring round $54,051 degree.

BTCUSD – 4 Hour Chart

However, if the bulls energize the market, the value might probably contact the resistance ranges of $57,500 and above. In different phrases, if the bears ought to proceed to maintain the value and drag it downward, then the help degree of $51,500 and under could also be visited because the Relative Strength Index (14) might transfer out of the overbought zone, indicating further bearish motion.

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