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BTC/USD Swings Above $55,000 Resistance

Bitcoin Price Prediction – October 6

The Bitcoin value restarts the uptrend after touching the every day low of $50,416 to hit the every day excessive of $55,416.

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

Key ranges:

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

Support Levels: $46,000, $44,000, $42,000

BTCUSD – Daily Chart

BTC/USD appears to be like inexperienced right this moment as the worth hovers above the resistance stage of $54,000 from the low of $50,416. However, a every day shut above the $55,000 stage can proceed to improve the Bitcoin value to $58,000. However, merchants ought to notice {that a} constant value improve could carry extra consumers into the market as bulls improve their positions.

Bitcoin Price Prediction: Price May Continue to Break Higher

In the previous few hours, after the Bitcoin value touches the every day excessive of $55,300, the primary digital asset is now wanting ahead to contact one other resistance stage of $58,000. Moreover, the every day chart reveals that if the 9-day transferring common stays above the 21-day transferring common, it can preserve the coin on the upside.

Meanwhile, the bears could take benefit to break the $52,000 stage if the bulls fail to transfer the worth above the higher boundary of the channel. Meanwhile, the technical indicator Relative Strength Index (14) is probably to cross into the overbought area. More so, if the Bitcoin value crosses above the channel, it may hit the resistance ranges of $60,000, $62,000, and $65,000 however going through the south could carry the worth to the helps at $46,000, $44,000, and $42,000.

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

According to the 4-hour chart, the Bitcoin value is hovering above the 9-day and 21-day transferring averages. However, intraday buying and selling is nonetheless wanting bullish as a cross above the higher boundary of the channel may hit the resistance stage at $58,000 and above.

BTCUSD – 4 Hour Chart

On the opposite, if the consumers failed to preserve pushing the market upward, merchants can anticipate a retreat on the $53,000 help stage, and breaking this stage could additional push the worth beneath the 9-day and 21-day transferring averages to attain the help stage of $52,000 and beneath. Meanwhile, the Relative Strength Index (14) is seen transferring inside the overbought area, suggesting extra bullish traits.

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