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BTC/USD Faces Resistance Above $48,000 Level

Bitcoin Price Prediction – October 4

The Bitcoin value touches the each day excessive of $49,505, the coin is holding above $48,500 stage and it might doubtless retest $48,000 earlier than rising once more.

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

Key ranges:

Resistance Levels: $53,000, $55,000, $57,000

Support Levels: $44,000, $42, 000, $40,000

BTCUSD – Daily Chart

BTC/USD has been extraordinarily unstable because the coin touches the each day excessive of $49,505 and after touching the each day low of $46,916. At the second, the Bitcoin value appears to be caught round $48,700 vary for greater than few hours in the past. More so, BTC/USD is in an ascending channel forming larger highs and better lows. Therefore, for the reason that value is above the 9-day and 21-day shifting averages, it signifies {that a} breakout could doubtless come to play.

Bitcoin Price Prediction: Bitcoin (BTC) May Rise Beyond $50,000

According to the each day chart, if the Bitcoin value retains hovering above the shifting averages, merchants can count on an increase the higher boundary of the channel. However, it is essential to notice that the red-line of 9-day MA is about to cross above the green-line of the 21-day MA which might simply affirm the arrival of the bullish development.

On different hand, if the market value drives beneath the shifting averages, the BTC value could doubtless see help ranges at $44,000, $42,000, and $40,000, bringing the worth to a brand new low. Meanwhile, a powerful shopping for strain could take the worth to the resistance stage of $50,000. While buying and selling at that stage, a bullish continuation might hit the potential resistance ranges of $53,000, $55,000, and $57,000 because the Relative Strength Index (14) is doubtless to cross above 60-level.

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

Looking on the 4-hour chart, BTC/USD stays buying and selling above the 9-day and 21-day shifting averages. Nevertheless, Bitcoin has not but slipped beneath this barrier because it is nonetheless within the loop of constructing a bounce again. Therefore, BTC value hovers round $49,035 and should take time to persistently commerce above the higher boundary of the channel. The upward motion might face the resistance ranges of $51,500 and above.

BTCUSD – 4 Hour Chart

However, on the draw back, instant help is beneath the shifting averages whereas the principle help is on the $48000 stage. The value may slide sharply beneath $47,500 which can doubtless take a look at the principle help at $46,500 stage. More so, BTC/USD is doubtless to face extra losses within the near-term because the Relative Strength Index (14) nosedives beneath 70-level, indicating a reversal for the bearish motion.

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