Bitcoin Price Prediction – October 6
The Bitcoin value continues to consolidate beneath a $51,300 barrier and could also be doing this for an additional bullish motion to $52,000 degree.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $55,000, $57,000, $59,000
Support Levels: $46,000, $44,000, $42,000
BTC/USD at the moment touches the every day excessive of $51,837 earlier than heading to the draw back. During this era, the Bitcoin value is now dealing with down with 0.39% within the worth. It is probably to retain this bearish vibe within the close to time period because the technical indicator Relative Strength Index (14) could transfer beneath 65-level, shifting focus from the upside. At the time of writing, the value of Bitcoin is hovering at $51,295.
Bitcoin Price Prediction: BTC Price Ready to Push Higher Again?
Looking on the every day chart, the closest assist at $51,000 could also be examined to the draw back as the value consolidates. Failure of the famous assist may see the Bitcoin value sliding in direction of the 9-day and 21-day transferring averages. More so, this space is probably to decelerate the correction and will function a jumping-off floor for an additional restoration try; due to this fact, if it is out of the way in which, the assist degree of $46,000, $44,000, and $42,000 could come into play.
In the meantime, the Bitcoin value recovers from the low of $50,416 however the resistance at $51,800 nonetheless stands in the way in which of actions to $52,000. More so, BTC/USD is nonetheless preventing to right the delicate bearish motion, and the bullish development coupled with the proper quantity and excessive volatility degree is the proper ingredient for the restoration to $52,000 in different to resume its upward motion in direction of $55,000, $57,000, and $59,000 resistance ranges.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Checking the 4-Hour chart, BTC/USD is presently buying and selling above the 9-day and 21-day transferring averages. The Bitcoin value is hovering round $52,436 and should take time to persistently commerce above the higher boundary of the channel. In addition, the upward motion could probably contact the resistance ranges of $55,000 and above if the bulls push greater once more.
Meanwhile, on the draw back, the value may fall beneath the 9-day transferring common if the bears resume again into the market; due to this fact, an extra motion may check the vital assist on the $49,000 degree and beneath. Moreover, the Relative Strength Index (14) is nonetheless transferring throughout the overbought area, indicating a bullish motion.
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