Bitcoin Price Analysis (BTC) – October 3
In the last 24 hours, Bitcoin (BTC) could not make any major impact; the value is still lagging behind the $8,400 price level.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $9,200, $9,400, $9,600
Support Levels: $7,200, $7,000, $6,800
Bitcoin might have faced a setback for now; this is not a permanent one. The coin is likely to have a bullish run in the short-term but a price rally may help the coin to touch its monthly high one more time. Currently, BTC/USD is trading around $8,317 level and below the moving averages of 9 and 21 days after a drop from $8,422 as the market opens today.
However, looking at the daily chart, $7,200, $7,000 and $6,800 serves as the major support levels, making room for BTC to fall even further as the MACD for the coin is less volatile and is indicating a bearish price move as the MACD line is below the signal line. BTC/USD may see a resistance level of $9,200, $9,400 and $9,600.
BTC/USD Medium-term Trend: Ranging (4H Chart)
After a sudden rise of BTC/USD yesterday, the coin opens today’s trade with a downward trend, dragging the price from $8,400 where it is currently trading at $8,284. Looking at the hourly chart, it can be seen that BTC/USD has been moving in sideways since the beginning of this month. The coin has not really revealed its decision in the market.
Moreover, should the price continue to drop further, it may likely reach the nearest supports at $8,000, $7,800 and $7,600 levels. if the bulls could put a little more effort to push the price above the moving averages, the price of Bitcoin may likely hit the previous resistance at $8,500 before heading to the potential resistance levels of $8,700, $8,900 and $9.100. More so, the MACD line is above the signal line, which shows that bullish momentum is likely to play out.
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