Bitcoin (BTC) price analysis, October 28, 2020. Bitcoin bulls have resumed its current uptrend as price broke the resistance at $13,200.
For the past week, the king coin has been trapped between $12,800 and $13200. Expectantly, with the breaking of the $13,200 price level, BTC price is expected to hit a $14,000 high. The recent breakout on October 27, extended to break the resistance zones of $13,300 to $13,500.
Today, the crypto is trading at $13,634 at the time of writing. Nonetheless, BTC price reached a high of $13,800 but it is currently retracing after rejection at the recent high. Since October 21, the daily stochastic has indicated that the crypto has reached the overbought region of the market. The current price fall was as a result of sellers pushing the price to the previous low. BTC price will resume the current uptrend if price retraces and finds support above $13,500 support.
The daily stochastic has continued to sustain above 80% range as the market remains in the overbought region. Sellers have emerged as prices dropped from the $13,800 high. The moving averages are sloping northward indicating the uptrend.
Key Resistance Zones: $13,000, $14,000, $15,000
Key Support Zones: $7,000, $6,000, $5,000
Yesterday, the BTC price broke the previous price level at $13,200 as the market reached a high of $13,800. On October 25 uptrend, the last retraced candle body tested the 38.2% Fibonacci retracement level. This indicates that the market will reach a high of 2.618 Fibonacci extensions. That is BTC will reach the $14,310.10 high.
Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.