Bitcoin Price Stalls at $28,000: What’s Next for BTC’s Trajectory?
Crypto News – The upward momentum of Bitcoin’s price, observed since the week commencing on September 11th, recently hit a roadblock, failing to secure a close above the crucial $28,000 level. The decline commenced from October 2, following a peak of $28,580, placing Bitcoin in a lateral trading range.
The analysis of the weekly timeframe highlights the consistent support at the $25,300 horizontal level, reinforcing its significance.
Two weeks ago, Bitcoin witnessed a surge in price, forming a bullish engulfing candlestick pattern, erasing previous losses and instilling a positive outlook for future trends. However, the inability to sustain this upward movement resulted in a weekly candlestick displaying wicks on both ends, reflecting market indecision.
As of now, Bitcoin is navigating within a horizontal range, with boundaries set between $25,300 and $30,500.
Assessing the weekly RSI, an essential momentum indicator, the trend remains undetermined, closely hovering around the 50 trendline since August, denoting a lack of a clear market direction.
BTC Price Projection
Anticipating a Retest of Lower Range Due to Deviation On the daily timeframe, the technical analysis leans towards a bearish sentiment. The downturn initiated on October 2, marked by a bearish candlestick, affirmed that the earlier movement beyond $28,000 was a deviation rather than a genuine breakout.
Despite this bearish sentiment, there’s a glimmer of hope in the RSI, indicating that the upward trend might persist. The bullish divergence trendline that preceded the entire surge remains intact, and the RSI stays above the 50 threshold.
Should the ongoing rejection persist, Bitcoin might experience a further 7% decline, potentially reaching the descending resistance trendline at $26,000.
However, countering this bearish projection, a daily close above the $28,000 resistance level is likely to trigger a 9.50% upswing towards the next resistance at $30,500.
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