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Bitcoin Breaks Triangle at $27,200; Buy Now?

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on October 02, 2023 | 2 min
Updated on Oct 03, 2023
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  • Bitcoin’s current price stands robust at $28,067.47, marking a 3.80% rise in 24 hours.
  • Technical indicators reveal a mixed sentiment, with potential bullish momentum on the horizon.
  • A breakout from a Symmetrical Triangle at $27,400 suggests the market leans toward buying.

Today’s Bitcoin price stands strong at $28,067.47 USD, reflecting an upward shift of 3.80% over the last 24 hours. The digital currency’s 24-hour trading volume has touched an impressive mark of roughly $11.89 billion USD. Consistently maintaining its dominant stature, Bitcoin is presently ranked #1 on CoinMarketCap. It boasts a live market cap of approximately $547.36 billion USD. In terms of supply specifics, there are about 19.5 million BTC coins circulating in the market, drawing nearer to its ultimate supply cap of 21 million BTC.

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BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin Price Prediction: Technical Outlook

Focusing on the 4-hour chart, several key price levels have been identified. The pivot point for Bitcoin is established at $27,334. On the upside, we can observe immediate, next, and following resistance levels at $28,715, $29,468, and $30,806, respectively. Conversely, the downside exhibits immediate, next, and following support at $26,665, $25,284, and $24,573, respectively.

 

Diving into technical indicators, the Relative Strength Index (RSI) reads at 79.24. This value above 70 indicates overbought conditions, suggesting a bullish sentiment in the market. The Moving Average Convergence Divergence (MACD) line, valued at 106, currently trails below its signal counterpart, which is at 202. This arrangement hints at a potential downward momentum. However, the 50-Day Exponential Moving Average (EMA) stands at $26,910, and with the current price hovering above this EMA, a short-term bullish trend is indicated.

 

From a pattern analysis perspective, the charts highlight a significant breakout from a Symmetrical Triangle at the $27,400 mark. This, combined with a bullish engulfing candle, indicates a potential bullish momentum, making it a promising period for investors. The breakout suggests the present might be an opportune moment to consider buying. To conclude, the current sentiment seems to be mixed, with recommendations to consider selling below the downward trendline resistance of $28,300 and purchasing above this level. In the coming days, given its present trajectory, Bitcoin might challenge the resistance mark of $28,715.

 

It’s essential to underline that this analysis, rooted in the provided data, doesn’t serve as financial advice. The volatile nature of cryptocurrencies calls for meticulous research and consultation with financial experts before making investment decisions.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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