FxNews—Bitcoin is in a bull market, above the 100-period simple moving average. The digital gold bounced from $65,200 (the October 23 Low) and is currently trading at approximately $67,000.
The BTC/USD 4-hour price chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.
Bitcoin Technical Analysis – 26-October-2024
The Average Directional Movement Index indicator shows 17 in value, meaning the market suffers due to a lack of momentum. Additionally, the ADX’s signal is backed by Bollinger Bands, and its line narrows down. That said, the Stochastic and RSI 14 are declining, suggesting the market is mildly bearish in the short term.
Overall, the technical indicators suggest the primary trend is bullish, but Bitcoin is going through a consolidation phase and lacks momentum.
- Also read: Solana Eyes $194 Despite Overbought Signals
Bitcoin Price Forecast – 26-October-2024
The Immediate resistance is at the October 23 low, the $65,200 mark, backed by the 38.2 Fibonacci resistance level. From a technical standpoint, the outlook for Bitcoin remains bullish if the market holds above the immediate resistance.
Furthermore, the bull market will likely resume if the price surpasses the middle line of the Bollinger Band. If this scenario unfolds, the uptick momentum will likely extend to the October 21 high at $69,580.
Additionally, if the buying pressure exceeds $69,580, the bulls’ path to the $75,000 mark could be paved. Please note that the bullish scenario should be invalidated if BTC/USD dips below the immediate support of $65,200.
Bitcoin Bearish Scenario
If BTC/USD declines and closes below the $65,200 mark, the bearish momentum from $69,580 could spread to the Fair Value Gap area at approximately $63,100. This area provides a decent bid to join the bull market with a smaller risk.
- Editor’s pick: Litecoin Eyes $71.5 as Bullish Trend Gains Strength
Bitcoin Support and Resistance – 26-October-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: 65,200 / 63,750 / 63,100
- Resistance: 68,750 / 69,580 / 75,500