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BTCUSD Is Trying to Surpass the $28,000 Resistance
BTCUSD tries to surpass the $28,000 resistance level after it frees itself from the limitations of its descending trendline. For almost three months, the cryptocurrency has been stopped from rising beyond its descending trendline. This changed in late September as the buyers capitalized on the confluence with the $26,300 level to violate the trendline.
BTCUSD Key Levels
Supply Levels: $26,300, $30,000, $35,000
Demand Levels: $25,800, $25,250, $25,000
Now above the trendline, the market is not relenting and has immediately risen to $28,000. The price could not climb above it, and a pullback then ensued. Bitcoin is expected to remain persistent and is expected to retest this resistance level to surpass it
The bullish sentiment in the market is seen in the fact that it is trading in the upper half of the Bollinger Band on the daily chart, stretching the upper Band especially. The daily RSI (Relative Strength Index) also echoes this sentiment with step-wise movements from an oversold position towards the overbought border.
Market Expectations
On the 4-hour chart, having been prevented from rising clear of $28,000, the price has dropped back to lean on the middle Bollinger Band from which it is expected to rebound. The 4-hour RSI has pulled back from the overbought region, but it is expected to rise back into it as the price seeks to push beyond the $28,000 resistance level.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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