Bitcoin (BTC) Price Analysis for October 7


Bitcoin (BTC) Price Analysis for October 7


Denys Serhiichuk

How big is chance of Bitcoin (BTC) returning to midterm rise soon?

The weekend has started with bulls’ dominance on the cryptocurrency market.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has increased by 1.63% over the last day.

Image by TradingView

On the hourly chart, the price of BTC is in the middle of the channel, getting power for a further sharp move. As most of the ATR has been passed, ongoing sideways trading in the area of $27,900-$28,000 is the more likely scenario until tomorrow.

Image by TradingView

A similar situation is on the daily time frame. Even if today’s bar closes in the green zone, the rate is far from the resistance, which means that more time is needed for a sharp move.

Image by TradingView

From the midterm point of view, the weekly bar is about to close in the neutral zone as neither buyers nor sellers have seized the initiative yet.

Buyers may start thinking of a possible upward move if the candle returns to the $30,000 zone.

Bitcoin is trading at $27,986 at press time.

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