LIVEBitcoin Falters Above $27,600 As It Reaches An Overbought Region
Bitcoin (BTC) Price Long-Term Forecast: Bullish
Bitcoin price has started a series of higher highs and higher lows. BTC rose to a high of $28,611 on Oct. 2, but was then pushed back. Today, the price of the largest cryptocurrency is at $27,662.
Bitcoin is now trading below resistance of $28,400. Bitcoin is benefiting from the possibility of a rise as it is trading above the moving average lines. Moreover, the price indicator suggests that the cryptocurrency could rise.
A bearish candlestick tested the 50% Fibonacci retracement level of the September 18 upswing. The retracement suggests that BTC will rise to the 2.0 Fibonacci extension level in the future, i.e. $29,919. Bitcoin will be forced to resume its sideways trend between $26,850 and $28,400 if the bullish scenario is invalidated. Today, October 5, Bitcoin is fluctuating above $27,600.
Bitcoin (BTC) Indicator Reading
The largest cryptocurrency is currently trading above the moving average lines or in the uptrend zone. When the price bars are above the moving average lines, the crypto price tends to rise. The crossover is bullish for bitcoin. In other words, a bullish order is indicated when the 21-day line SMA crosses the 50-day line SMA. Bullish exhaustion has been reached on the upside as it approaches overbought territory.
