Bitcoin Price Prediction as New Rally Leads to $200 Million in Short Liquidations – Will BTC Keep Rising?
Bitcoin Price PredictionExamining Bitcoin‘s 4-hour chart offers a detailed insight into its recent price movements. The established pivot point, an essential tool for traders, remains steady at $32,462. Clearly defined resistance levels have been identified, with the nearest one set at $34,501. Should Bitcoin’s upward trajectory continue, it’s likely to encounter the next resistances at $36,507 and subsequently at $38,579. Conversely, if the market turns bearish, immediate support is available at $31,212, with further support levels at $29,172 and a deeper one at $27,956. Reviewing the technical metrics, the Relative Strength Index (RSI) is notably high at 78.
Such a value, exceeding 70, typically suggests the market is in overbought territory. This could be a precursor to a market adjustment, yet it also underscores the prevailing positive momentum around Bitcoin. The 50-day Exponential Moving Average (EMA), often relied upon by traders, is marked at $30,673. Bitcoin’s current price above this EMA indicates a positive short-term trend. This positioning implies that there has been a sustained buying interest recently. From a technical analysis standpoint, a compelling pattern emerges. The ‘Three White Soldiers’ evident on the 4-hour chart is a bullish indicator, potentially hinting at a shift from the prior downtrend. This positive sentiment is further solidified with Bitcoin surpassing the Triple top barrier at $31,655. However, at present, Bitcoin is wrestling with the $34,705 threshold, denoting the 141.4% Fibonacci extension level. Crossing this level could potentially stimulate further purchasing interest. The 50 EMA also supports this bullish view.
📊 #Bitcoin Analysis Update:— Arslan B. (@forex_arslan) October 26, 2023
– BTC's 4-hour chart shows bullish signs.
– Price above 50-day EMA ($30,673) hints at short-term bullishness.
– Key level to watch: $34,700.
– Outlook: BTC could test $36,500 resistance if the bullish sentiment prevail.
🚀📈 #CryptoAnalysis #BTCUpdate pic.twitter.com/JeQQ3OQ8kQ