Bitcoin Price Prediction – October 3
With Bitcoin price shooting close to $50,000 once again as bulls blow hot, it has done little to flip the market sentiment at this stage
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $44,000, $42,000, $40,000
BTC/USD is seen following a bullish movement and it is likely to start a new increase as long as there is a cross above $49,000. During the European session, the Bitcoin price sees a steady increase towards the $50,000 resistance level as the king coin touches the daily high of $49,300. At the time of writing, BTC/USD is likely to settle above the 9-day and 21-day moving averages.
Bitcoin Price Prediction: BTC Price Ready to go higher?
The Bitcoin price is seen retracing and trading above the 9-day and 21-day moving averages while the market price stays under the daily high of $49,300 resistance as a sign of bullish momentum. Therefore, further increase in the bullish momentum may have to increase the price above this level; meanwhile, another resistance may come at $50,000 before reaching the potential resistance of $52,000, $54,000, and $56,000 levels.
However, if the resistance level of $48,900 failed to hold, it may reverse and face the support level of $46,000 as further increase in the bears’ pressure may push down the price towards the moving averages and this could cause the king coin to hit the supports at $44,000, $42,000, and $40,000. In the meantime, the technical indicator Relative Strength Index (14) is likely to cross above 60-level while staying below this level may ignite sell signals into the market.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
As reveals on the 4-hour chart, the Bitcoin price is hovering above the 9-day and 21-day moving averages at a price value of $48,884. However, with the look of things, the bulls may keep the Bitcoin price above the 9-day moving average but any bearish cross below this barrier may bring the coin towards the support level of $46,000 and below.
Moreover, if the Bitcoin price finds a decent resistance level at $50,000 level, the first digital asset may continue the bullish movement above the upper boundary of the channel which may likely hit the resistance level of $51,000 and above. In other words, the technical indicator Relative Strength Index (14) is crossing into the overbought region, suggesting additional bullish signals into the market.
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