Bitcoin Begins Its Ascent, But Stops At The High Of $28,204

Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price has resumed its climb after rising above the moving average lines on September 28.

Bitcoin price long-term forecast: bullish

The cryptocurrency price overcame the $27,200 resistance level and rose above the $28,000 high. The first resistances were overcome by the buyers, who now control the support of $28,000. On the plus side, the BTC price will retest the psychological barrier of $30,000 if the current positive momentum is maintained above the $28,000 support. However, if buyers are unable to maintain the positive momentum above the $28,000 support, the cryptocurrency would fall below its recent high. The price of BTC/USD will then fall back to the breakout level of $27,200. At the time of writing, BTC/USD is trading at $28,045.

Bitcoin indicator display

The Relative Strength Index for period 14 shows that Bitcoin is trending upwards when it reaches 67. This indicates that Bitcoin does not have enough room to rise. Moreover, the cryptocurrency value is approaching the overbought area of the market. Bitcoin has been rising, as evidenced by the price bars being higher than the moving average lines. The price of the cryptocurrency has risen above the daily stochastic barrier of 86. The bullish cycle for Bitcoin has run its course and is overbought.

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

The cryptocurrency has regained the $28,000 support level, although the upward momentum has paused. The cryptocurrency price is circling above the existing support as it approaches the overbought area of the market. If the $28,000 support holds, the price of BTC will continue to rise.

Last week Coinidol.com reported that the largest cryptocurrency fell back above $26,000 after a price rally on September 27 and managed to reach $27,000 by the end of September 28. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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