#Bitcoin is beginning to recover as it approaches the $26,000 level, forming a valid trendline after rejecting the previous $25,000 level (Bullish Orderblock). The current price action is approaching a crucial resistance cluster between $27,300 and $27,500, and there is a healthy daily candle above the EMA 50.
The price action broke through the EMA´s 50 & 200 Golden Cross on September 23rd. If this break continues into the next week, I´m expecting Bitcoin to reach at least the $28,000 level as an R1 pivot level. If $28,000 is broken aggressively, there is a good chance of Bitcoin returning to $30,000 again in mid-October.
However, if the price action somehow breaks the $24,800 level, there could be further losses for Bitcoin, and a potential turning point is around $24,000, which would represent a bearish trend formation if it breaks.
Stay updated with Bitcoin at: blog.bitcoin.com/
The price action broke through the EMA´s 50 & 200 Golden Cross on September 23rd. If this break continues into the next week, I´m expecting Bitcoin to reach at least the $28,000 level as an R1 pivot level. If $28,000 is broken aggressively, there is a good chance of Bitcoin returning to $30,000 again in mid-October.
However, if the price action somehow breaks the $24,800 level, there could be further losses for Bitcoin, and a potential turning point is around $24,000, which would represent a bearish trend formation if it breaks.
Stay updated with Bitcoin at: blog.bitcoin.com/
Trade closed: target reached:
My initial target of the 28k level was reached in just 20 hours, ahead of schedule. This aggressive upward movement suggests that buyers are in control. Without any significant fundamentals to hinder it, there appears to be nothing preventing the price from reaching the 30k mark. Have a successful week!
