Technical analysis on Bitcoin for October 9th, 2023.
October 9, 2023 2:20 pm
Blue line- support trend line
Bitcoin has started the week under pressure. Bitcoin price is in negative territory at $27,420. Bitcoin is trading above the blue upward sloping support trend line. There are still increased chances that Bitcoin price continues to make higher highs and higher lows. Support by the blue trend line is found at $26,960. As long as we trade above this level, bulls have hopes for a move to new higher high towards $29,000 and higher. Failure to hold above the blue trend line could produce a new downward wave to new lows.
The material has been provided by InstaForex Company – www.instaforex.com
Blue line- support trend line
Bitcoin has started the week under pressure. Bitcoin price is in negative territory at $27,420. Bitcoin is trading above the blue upward sloping support trend line. There are still increased chances that Bitcoin price continues to make higher highs and higher lows. Support by the blue trend line is found at $26,960. As long as we trade above this level, bulls have hopes for a move to new higher high towards $29,000 and higher. Failure to hold above the blue trend line could produce a new downward wave to new lows.
The material has been provided by InstaForex Company – www.instaforex.com
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