BTC price is trading below key resistance as prices turn down at the daily EMA.
BTC monthly candle closes with so many mixed feelings ahead of October.
BTC price must close above $21,500 to renew bullish sentiments.

Bitcoin (BTC) price action continues to work with the emotions of traders and investors as it moves indecisively and uncertainly. Traders continue to speculate on what Bitcoin (BTC) holds for this new month of October. Bitcoin (BTC) price action and movements continue to be choppy, leaving most traders with loose ends due to an unstructured Bitcoin (BTC) price movement. (Binance data)

Bitcoin (BTC) price analysis on the weekly chart

BTC weekly price chart | Source: BTCUSDT at Tradingview.com

Despite showing a false rebound move ahead of the monthly close, the price has found some rejection around $19,500 as price struggles to break above it.

BTC price pulled back to a region of $18,700 but quickly bounced back from this region as the price rallied to $19,300 but faced resistance to break above. BTC price needs to break out and sustain above $20,500 before bullish sentiment can resume as price trades at a key level.

BTC price must break out of this $19,000 region as a break below $18,100 could mean the price will drop to a low of $17,500 and even a low of $16,000.

Before the weekly close, BTC price needs to close above $19,500 for a bit of a haven; a close below this range indicates more risk exposure to go higher.

Weekly resistance for BTC price – $19,500.

Weekly support for BTC price – $18,100.

BTC price analysis on the daily chart (1D)

BTC Price Daily Chart | Source: BTCUSDT at Tradingview.com

On the daily time frame, BTC price remains below key resistance as it attempts to break above higher levels, with the price rejecting on several occasions.

BTC price has shown strength, rising from a low of $18,700, with the price attempting to break above the $20,500 daily price range but facing rejection as the price trades between $18,800-$19,500.

The price of BTC is trading at $19,100 below the 50 and 200 exponential moving average (EMA). The prices of $20,400 and $27,000 correspond to the prices at the 50 and 200 EMAs for BTC on the daily time frame.

A breakout and close above $20,500 could see BTC price take on a bullish sentiment in October as many traders and investors anticipate a green October, which could mean a rally to a region of $24,000 or higher. .

Daily resistance for BTC price – $20,500.

Daily support for BTC price: $18,100.

Zipmex Featured Image, Tradingview Charts



This post Bitcoin price is sitting on a wildfire, will it explode?

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