Bitcoin climbs to $28.5k resistance, here’s why more gains are likely
The post Bitcoin climbs to $28.5k resistance, here’s why more gains are likely appeared on BitcoinEthereumNews.com. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Bitcoin has a bullish bias but the lack of demand was a concern in the short term. A minor dip below $28k could offer a buying opportunity, but traders can wait for a retest of key levels to execute their plans. Bitcoin [BTC] saw heightened volatility on Monday (16 October) after false news of a Bitcoin spot ETF approval by the SEC. It faced rejection at $30k but continued to show signs of another move upward. One of these was its ascent past the Warm Supply Realized Price. Read Bitcoin’s [BTC] Price Prediction 2023-24 A Bitcoin price report by AMBCrypto from last weekend noted that the king coin had bearish prospects at that time. It also underlined the $27.2k mark as a key level for the bulls to break to turn their fortunes around. Now that BTC is trading at $28.5k, what can we expect from it in the coming weeks? Will the flip of the mid-range resistance to support be crucial for BTC bulls? Source: BTC/USDT on TradingView Bitcoin has traded within a range (orange) that extended from $24.8k to $31.8k since mid-June. The mid-range level sat at $28.3k, and at press time this level had been flipped to support. The market structure on the daily timeframe was bullish. Additionally, the Relative Strength Index (RSI) was also above neutral 50. The Directional Movement Index (DMI) showed both the Average Directional Index (ADX) (yellow) and +DI (green) were above 20 to signal a strong uptrend in progress. Conversely, the Chaikin Money Flow (CMF) dipped below -0.05 to show significant capital flow out of the market. The lack of buying pressure could see BTC consolidate around the $28k-$28.5k region. A…
The post Bitcoin climbs to $28.5k resistance, here’s why more gains are likely appeared on BitcoinEthereumNews.com.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Bitcoin has a bullish bias but the lack of demand was a concern in the short term. A minor dip below $28k could offer a buying opportunity, but traders can wait for a retest of key levels to execute their plans. Bitcoin [BTC] saw heightened volatility on Monday (16 October) after false news of a Bitcoin spot ETF approval by the SEC. It faced rejection at $30k but continued to show signs of another move upward. One of these was its ascent past the Warm Supply Realized Price. Read Bitcoin’s [BTC] Price Prediction 2023-24 A Bitcoin price report by AMBCrypto from last weekend noted that the king coin had bearish prospects at that time. It also underlined the $27.2k mark as a key level for the bulls to break to turn their fortunes around. Now that BTC is trading at $28.5k, what can we expect from it in the coming weeks? Will the flip of the mid-range resistance to support be crucial for BTC bulls? Source: BTC/USDT on TradingView Bitcoin has traded within a range (orange) that extended from $24.8k to $31.8k since mid-June. The mid-range level sat at $28.3k, and at press time this level had been flipped to support. The market structure on the daily timeframe was bullish. Additionally, the Relative Strength Index (RSI) was also above neutral 50. The Directional Movement Index (DMI) showed both the Average Directional Index (ADX) (yellow) and +DI (green) were above 20 to signal a strong uptrend in progress. Conversely, the Chaikin Money Flow (CMF) dipped below -0.05 to show significant capital flow out of the market. The lack of buying pressure could see BTC consolidate around the $28k-$28.5k region. A…
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