Bitcoin Price Prediction – October 28
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $67,000, $69,000, $71,000
Support Levels: $53,000, $51,000, $49,000
BTC/USD has been ranging between $58,000 and $62,000 for the past few days after a shortfall from almost $66,650 seen last week. Meanwhile, if the coin struggles to show any distinctive price movement, traders are generally cautious about this movement. However, over the medium to long term, many traders expect the Bitcoin price to recover and perceive the ongoing consolidation phase as a healthy pullback.
So far, the Bitcoin price successfully stays above the $61,000 level and continues to trade above the 21-day moving average but still below the 9-day moving average. Recently, the coin even spiked to touch the daily high of $66,999 during the trading of last week but as the technical indicator Relative Strength Index (14) reveals, the signal line is preparing to cross above 60-level.
At the time of writing, it seems like BTC/USD might stay clear of the gap, with the cryptocurrency trading under its recent resistance level of $65,000. Meanwhile, from a technical perspective, the king-coin has to fight off the first resistance at $64,000 before having a chance to aim at $67,000, $69,000, and $71,000 resistance levels. On the contrary, any bearish movement below the 9-day and 21-day moving averages may lead to the critical supports at $53,000, $51,000, and $49,000.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
There are several signs showing that Bitcoin (BTC) is poised for a significant move to the upside. However, the price action of the past few hours formed a bullish movement on the 4-hour chart which appears to have broken out with a decent move towards $62,000. Similarly, the Relative Strength Index (14) is notably squeezing, indicating that high volatility may come into play.
Meanwhile, the 9-day MA is making an attempt to cross above the 21-day MA and additional resistance levels could be achieved. However, a move above the $63,000 level with a strong close above it may likely push the Bitcoin price up to the resistance level of $64,000 and above while the support level could be located at $59,000 and below.
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