Crypto analysis

Crypto analysis: Will the price of Bitcoin go up soon after hitting a low point?

October 15, 2023

Crypto analysis (BTC 4 hour chart):

Crypto analysis by Cryptocrit

BTC price today:

Over the past day, the price of Bitcoin (BTC) has stayed quite steady at about $26,150. It went as high as $26,881.24 and as low as $25,812.73 during this time. Overall, it went down by about 0.25% in the last 24 hours.

When we look at Bitcoin's performance, we see some important signs. First, the Relative Strength Index (RSI) is at 45, which is below the middle point of 50. This suggests that people are feeling a bit negative about Bitcoin right now. Another important thing is the 50-day Exponential Moving Average (EMA), which is at $27,200. Bitcoin's current price is lower than this, which means it's in a short-term downward trend.

One interesting thing on the charts is a pattern where Bitcoin's price hit a certain level ($26,900) twice. Now, that level is like a barrier that Bitcoin needs to break through. In the past, when we've seen this kind of pattern, it sometimes means that Bitcoin might start going up if it can break through that barrier. So, right now, Bitcoin seems to be on a downward trend, but if it can pass the $27,200 level, things might change, and it could start going up. Market experts think that Bitcoin might face some challenges in the short term, especially when it reaches $28,000.

Crypto price prediction (BTC chart analysis)

Looking at Bitcoin's 4-hour chart, we see that it has a kind of balance point at $26,536. If it goes up, it might face some barriers at $28,000, $29,062, and $30,574. If it goes down, it has a strong support at $25,426, and even more support at $23,891 and $22,876.

Now, there are two important indicators that tell us about the market. One is the Relative Strength Index (RSI), and it's at 37, which suggests the market is a bit on the bearish side. The other is the 50-day Exponential Moving Average (EMA), which is at $27,210. Right now, Bitcoin's price is below this EMA, showing a short-term bearish trend.

Recent analysis of the charts shows something interesting. There's a pattern called a double bottom breakout at the $26,900 level. It's funny because now this level seems to act as a barrier for Bitcoin. These patterns show that Bitcoin is in a testing phase as it tries to get past this barrier.

Conclusion:

Bitcoin faces a bearish trajectory, with key resistance at $27,210. However, a breakthrough above this level could shift the trend in favor of the bulls. Short-term predictions point to potential challenges at the noted resistance levels in upcoming trading sessions.