Bitcoin price forecast – October 14
The price of Bitcoin rises by moving close to the channel as the coin strikes a sudden and rising price spike.
BTC / USD Long term trend: upward (daily chart)
Resistance levels: $ 64,000, $ 66,000, $ 68,000
Support levels: $ 53,000, $ 51,000, $ 49,000
BTC / USD raises the price above a crucial $ 57,500 resistance level. The coin will move toward $ 59,000 and will have a purchase price of $ 57,641 at the time of writing. However, the number one encryption moves at a strong rate of rise after a long break above an important technical level.
Bitcoin price forecast: Bitcoin (BTC) ready to explode hot
Because the price of Bitcoin remains above the 9-day and 21-day moving averages, a return of less than $ 57,000 may set a framework for profits of $ 60,000. At the same time, the technical analysis shows that the bulls are ready for action, especially in view of the rising relative strength index (14). Therefore, any upward movement above the channel cap can pave the way for a profit of more than $ 60.00 before reaching resistance levels of $ 64,000, $ 66,000, and $ 68,000.
The downside is that if the price falls below the $ 55,000 level and moves below the 9-day moving average, the bears can take control of the situation very quickly, as this can likely be a big blow to market sentiment. traders could interpret it as a sign of weakness. Therefore, the next critical support may be $ 54,000, which may be followed by support levels of $ 53,000, $ 51,000, and $ 49,000.
BTC / USD Medium term trend: upward (4H chart)
The four-hour chart reveals that the market is currently showing signs of weakness as the price could not rise per channel. However, intraday trading appears to be rising, but after its recent rise to $ 57,346, which is a key support level. If the coin continues to trade above the 9-day and 21-day moving averages, it could reach the next key resistance level of $ 61,000 and above.
However, given the Side Movement, the price of Bitcoin could return to a bearish rally of $ 55,000 in support. A drop below that subsidy may further lower the Bitcoin price below the channel’s lower limit to reach a subsidy level of $ 54,500 and below. In addition, the technical indicator Relative Strength Index (14) points downwards, indicating a downward movement.
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