Bitcoin (BTC) saw a swift comedown after a failed attempt to reach $28,000 on October 5th. Data from Cointelegraph Markets Pro and TradingView showed that the market dropped up to $700, or 2.5%, after the rejection. Material Indicators, an on-chain monitoring resource, warned of a fresh downturn and suggested that another attempt could be made. Co-founder Keith Alan noted that the current spot price zone was the site of “key” support/resistance flips in prior bull markets. He added that a close above the 200-Week MA would fuel bullish hopium, while a close below the 21-Week MA would keep BTC ranging between $25k – $28k until something breaks. Michaël van de Poppe, founder and CEO of trading firm MN Trading, described Bitcoin as “very much ready” to tackle $30,000 resistance. He added that holding above $27,200 would be substantial for upwards continuation, but preferably is a retest at $26,700-26,900 before continuing the rally to $30,000. Popular trader and X commentator Ali revealed a BTC price trading method which he argued had tracked recent local tops and bottoms. This revolved around the relative strength index (RSI), which on four-hour timeframes had fluctuated between approximately 30 and 75 since late August. Ali suggested that the RSI should drop below 30.35 to buy the dip.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Ali, Keith Alan, Michaël van de Poppe |
| Companies | MN Trading, Material Indicators, TradingView, X, Cointelegraph Markets Pro |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
