Bitcoin (BTC) Price Analysis – October 5

Bitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

Resistance levels: $6,800, $7,000, $7,200

Support levels: $6,400, $6,200, $6,000

Yesterday, the BTCUSD pair was in a bullish trend but the trend was short-lived. It was assumed that as the price rose from the levels of $6,475.56 to the high of $6,639.08; the BTC price was set to test the $6,800 price level. Today, the BTC price is range bound and has established itself below the $6,600 price level.

The exponential moving averages are horizontally flat indicating that the price of Bitcoin is in a sideways trend.  As price of BTC is close to the support zone, a breakout will likely affect the $5900-$6,000 price levels.  On the other hand, more buyers are needed at the current market price to push the price across the $6,800 and $7,400 price levels.

Meanwhile, the MACD line and the signal line are at par with the zero line which indicates a neutral signal. The price of Bitcoin is neither above nor below the 12-day EMA and the 26-day EMA which indicates that a sideways trend is ongoing.

BTCUSD Short-term Trend: Ranging

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, the BTC price is in a sideways trend. The Relative Strength Index period 14 is level 50 which indicates that the price is in a sideways trend zone.


The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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