Bitcoin Rebounds but Fails to Jump the Hurdle at $21,012

Oct 27, 2022 at 10:23 // News
Coin Idol
Bitcoin has resumed its upward movement

The price of Bitcoin (BTC) has been moving positively in the last 48 hours. Yesterday, the uptrend rose to a high of $21,000. Today, the uptrend has stopped as the cryptocurrency falls back to the previous low.

The BTC price reached the overbought zone shortly after breaking through the resistance at $20,000. If Bitcoin turns down from the high at $21,000, it will fall above the support at $20,100. The cryptocurrency will likely continue a new uptrend and retest or break through resistance at $21,000 and $22,794. Conversely, if the bears break below the $20,000 support, Bitcoin will decline and fall into the $18,800 and $19,900 range. 

Bitcoin indicator reading  

Bitcoin has resumed its upward movement as it is in the uptrend zone at level 64 of the Relative Strength Index for the period 14. The price bars are above the moving average lines, which means that the value of the cryptocurrency will increase. The cryptocurrency is still above the 80% area of the daily stochastic, which indicates a possible decline. 

BTCUSD( 4 Hour Chart) - October 27.png

Technical indicators:  
Major Resistance Levels - $30,000 and $35,000
Major Support Levels - $20,000 and $15,000 

What is the next direction for BTC? 

Bitcoin is moving below the $21,000 resistance zone. In the October 25 uptrend, a candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that BTC will rise but reverse at the 1,272 Fibonacci extension level or $20,713. 

BTCUSD( Daily Chart) - October 27.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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