Bitcoin Price Prediction as BTC Fast Approaches $29,000 Level – Here are Key Levels to Watch
Bitcoin, the undisputed king of the cryptocurrency market, is once again at an inflection point. As the pioneer digital asset fast approaches the $29,000 level, traders and investors alike are keeping a keen eye on critical price levels and market indicators to gauge the next possible move.
On October 18, Bitcoin's current standing in the market was as follows:
From a Bitcoin technical analysis perspective, the RSI (Relative Strength Index) paints a moderately bullish picture.
Positioned at 63, it's a favorable number that's north of 50, suggesting a bullish sentiment, yet not crossing into the overbought territory of 70.
Conversely, a move below can indicate a bearish phase. Additionally, Bitcoin's price is hovering above its 50-day Exponential Moving Average (50 EMA) of $27,712, signifying a potential short-term bullish momentum.
Chart patterns lend further insights. Bitcoin seems to be wrestling with the resistance at $28,634. This resistance appears as a triple-top pattern on the chart, a bearish omen.
Additionally, the emergence of Doji candles below this level might indicate a potential bearish turn, suggesting that the bulls might run out of steam.
To conclude, Bitcoin's current trajectory appears to be bullish as long as it remains above the $28,150 mark. Conversely, a dip below this level could tilt the scales.
In the short run, given the amalgamation of technical indicators and market sentiment, Bitcoin seems primed to challenge the resistance at $28,634 soon.
However, the cryptocurrency domain is notoriously unpredictable. Hence, investors are advised to tread with caution and stay abreast of market developments.
Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15
Read more on cryptonews.com
