Bitcoin Around $28K; Is This an Indication of Bullish October?
The BTC price is trading within a rectangle within fixed-resistance and support levels. The price has rebounded from the determined support levels after each contact and also faced a rejection at the resistance.
However, the current upswing is expected to break above the pattern as the RSI is bullish. The levels dropped below the average and the latest upswing enabled a smooth rise above. The rising levels indicate the bullish momentum could prevail for a while and may eventually lift the price close to $30,000 initially.
Besides, Bitcoin volatility is expected to remain elevated throughout the week. If this factor could lift the price above the crucial area of around $28,500, the likelihood of maintaining a significant upswing increases. Now that the volatility is expected to prevail for a couple of weeks, a strong breakthrough in the pattern may lay a foundation for a strong upswing ahead.
Therefore, the ongoing fortnight could be extremely crucial for the Bitcoin price and may have a huge impact until the yearly close.
However, the current upswing is expected to break above the pattern as the RSI is bullish. The levels dropped below the average and the latest upswing enabled a smooth rise above. The rising levels indicate the bullish momentum could prevail for a while and may eventually lift the price close to $30,000 initially.
Besides, Bitcoin volatility is expected to remain elevated throughout the week. If this factor could lift the price above the crucial area of around $28,500, the likelihood of maintaining a significant upswing increases. Now that the volatility is expected to prevail for a couple of weeks, a strong breakthrough in the pattern may lay a foundation for a strong upswing ahead.
Therefore, the ongoing fortnight could be extremely crucial for the Bitcoin price and may have a huge impact until the yearly close.