- Bitcoin has overcome the short-term downward trend, indicating a slower start to the bearish momentum. The currency has given a positive signal by breaking the 26,968 resistance from an inverse head and shoulders formation.
- Positive volume balance signifies high volume on rising price days and low volume on falling price days, strengthening the currency’s short-term position. The short-term momentum of the currency is highly positive with RSI above 70.
- Today’s Bitcoin price is $28,342.64 USD, with a 24-hour trading volume of $14,724,366,584 USD. Bitcoin has gained 4% in the last 24 hours.
Bitcoin began the first week of October with an uptrend: What will be Bitcoin’s next target? Current support and resistance levels for BTC!
Short-Term BTC Analysis
Bitcoin has overcome the short-term downward trend, indicating a slower start to the bearish momentum. The currency has given a positive signal by breaking the 26,968 resistance from an inverse head and shoulders formation. A sign of upward movement to 28,631 or higher is given. The currency’s support levels are at 27,100, and resistance levels are at 29,700. Volume has been high at price peaks and low at price troughs, with a positive volume balance, further strengthening the currency. Overall, the currency is technically viewed as positive in the short term.
Medium-Term BTC Analysis
Bitcoin has overcome the medium-long term downward trend, indicating a slower start to the bearish momentum. The currency is moving within a rectangle formation between support levels at 25,892 and resistance levels at 32,136. The currency has given a positive signal by breaking the 26,968 resistance from an inverse head and shoulders formation. A sign of upward movement to 28,631 or higher is given. The currency’s support levels are at 26,000, and resistance levels are at 30,700.
Positive volume balance signifies high volume on rising price days and low volume on falling price days, strengthening the currency’s short-term position. The short-term momentum of the currency is highly positive with RSI above 70. This indicates increased optimism among investors and further price increases for Bitcoin. However, a high RSI, especially for major cryptocurrencies, can be a sign of overbought conditions and the possibility of a downward reaction. Overall, the currency is technically viewed as slightly positive in the medium term.
Long-Term BTC Analysis
Bitcoin has broken the base of a long-term upward trend channel, indicating a weaker start to the bullish momentum. The currency is moving within a rectangle formation between support levels at 25,892 and resistance levels at 32,136. The currency is testing the 31,000 resistance, which could lead to a negative reaction, but breaking above 31,000 would be a positive signal.
Positive volume balance strengthens the currency in the short term. RSI is diverging negatively from the price, indicating the danger of a downward reaction. Overall, the currency is viewed as technically neutral in the long term.
Bitcoin Price
Today’s Bitcoin price is $28,342.64 USD, with a 24-hour trading volume of $14,724,366,584 USD. Bitcoin has gained 4% in the last 24 hours. According to the current CoinMarketCap ranking, Bitcoin is ranked 1st with a market capitalization of $552,732,879,651 USD. There are 19,501,812 BTC coins in circulation, with a maximum supply of 21,000,000 BTC coins.
