BTC Tries to Breakout After Multiple Rejections, Will it Spike by 20%?

Published 16/10/2023, 22:27
© Reuters.  BTC Tries to Breakout After Multiple Rejections, Will it Spike by 20%?
BTC/USD
-

Coin Edition -

  • Crypto analyst tweeted that BTC was attempting to break out after several rejections.
  • BTC loses momentum gained during the beginning of 2023 as bulls settle in.
  • If Bollinger bands widen like in June 2023, BTC could spike.

Crypto Analyst Captain Faibik tweeted that BTC was once again attempting to break out from the rising triangle pattern after multiple unsuccessful attempts. The analyst further stated that in the event of BTC breakouts, then, there could be a spike of 15-20% in price. However, if this is yet another rejection, BTC’s support would be $25.6K.

When looking at the 1-month chart for BTC, it could be noted that it was trading at $26.5K, when the markets opened for trading. The bulls have been successful in keeping the prices above the opening market price, though at times BTC fell below the opening market price.

BTC/USD 1-Month Chart (Source: CoinMarketCap)

BTC printed its highest price of $28,494 on October 2 and its lowest price of $26,064 on September 25. Currently, BTC is trading at $27,725 after increasing by 4.4% during the month.

BTC/USDT 1-Day Chart (Source: Tradingview)

When considering the chart above, it can be seen that BTC was gaining value with a higher gradient from the beginning of 2023 until mid-August. After the midweek of August, BTC lost momentum and currently, it is gaining value along a lesser gradient. This shows that the sellers have taken some part of the market and are influencing the price increment.

If BTC keeps this momentum increasing, it could reach $30,000, and with more momentum from the bulls, it could even touch $31,500. However, BTC may test the $25,300 support level, if there is retracement.

Moreover, if BTC reciprocates its behavior in June 2023, there is a high chance that the Bollinger bands could widen and the above-stated resistance level could be achieved.

The RSI currently reads a value of 59 and it is rising above. Hence, if more and more buyers keep entering the market, the RSI could move into the overbought region. In contrast, if BTC’s current uptrend is not supported by volume, then, it may crash to $19,000, which is a stronghold for the bears.

The post BTC Tries to Breakout After Multiple Rejections, Will it Spike by 20%? appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.