Technical analysis on Bitcoin for October 5th, 2023.
October 5, 2023 2:26 pm
Green line -resistance trend line
Blue line- support trend line
Bitcoin is trading around $28,000. Price has started making higher highs and higher lows in the near term. Recently in our analysis we noted the break above the resistance trend line. This was our first sign of strength after some time. Since then price continues making higher lows. Short-term support is found at the blue upward sloping trend line at $26,670. The blue trend line connects the recent higher lows. Bulls need to keep price above the blue trend line and not break below the green trend line that was once resistance. Next short-term resistance is the recent high at $28,608. Bulls need to break above this level in order to continue higher towards $30,000.
The material has been provided by InstaForex Company – www.instaforex.com
Green line -resistance trend line
Blue line- support trend line
Bitcoin is trading around $28,000. Price has started making higher highs and higher lows in the near term. Recently in our analysis we noted the break above the resistance trend line. This was our first sign of strength after some time. Since then price continues making higher lows. Short-term support is found at the blue upward sloping trend line at $26,670. The blue trend line connects the recent higher lows. Bulls need to keep price above the blue trend line and not break below the green trend line that was once resistance. Next short-term resistance is the recent high at $28,608. Bulls need to break above this level in order to continue higher towards $30,000.
The material has been provided by InstaForex Company – www.instaforex.com
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