Bitcoin Price Prediction – October 22
At the moment, the Bitcoin price is seen rising with 1.78% within 24 hours as it trades at the $63,356 level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $70,000, $72,000, $74,000
Support Levels: $57,000, $55,000, $53,000
The daily chart reveals that BTC/USD could not break above the previous resistance level of $65,000. Moreover, the Bitcoin (BTC) begins the day off by trending higher toward the $64,000 level inside the channel. However, the first resistance level is located at $66,000. Beneath this, resistance lies at $70,000, $72,000, and $74,000 levels.
Bitcoin Price Prediction: Bitcoin (BTC) Prepares for another Uptrend
Today’s trading marks another day that the Bitcoin price stays above the 9-day and 21-day moving averages as it looks to set up another few days of positive price above $63,000. Meanwhile, a break above the resistance level of $64,000 would set the first digital asset up to reach the nearest resistance at the $66,000 level. Furthermore, traders can clearly see Bitcoin yet to break up as the technical indicator Relative Strength Index (14) is yet to cross into the overbought region.
However, the Bitcoin price may go lower if the present market value could drop below the 9-day moving average. Although the candle is still yet to close and it does look unlikely that the bears may end up closing below the opening price. More so, should the technical indicator moves below 60-level, the market price may end within the negative side and moving to the south could meet the support levels at $57,000, $55,000, and $53,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bears are seen coming back into the market as the bulls failed to defend the $62,000. However, the $60,000 and below may come into play if the bearish momentum increases the market movement.
However, if the buyers hijack the current movement and push it upward, traders may expect a retest at a $63,000 resistance level; breaking this level may further allow the bulls to hit $65,000 and above. At the moment, the technical indicator Relative Strength Index (14) signal line is seen moving below 45-level which could give additional bearish signals in the near future.
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