BTC/USD Index Oct 5, 2023

5 oct 2023

BTC/USD Index Oct 5, 2023
Current Price: 💲 27,489

Local Resistance: 💪💲 29,000

Key Support: 🛡️💲 26,000

Moving Averages: 📊

Weekly MA200: After briefly recovering, we've seen the MA200 serve as resistance for the past 7 weeks. To regain bullish momentum, we need to close above 28K.
Daily MA200: It aligns with the Weekly MA200. Breaking above this moving average is crucial before considering a move toward 30K.
Exponential Moving Averages (EMA): 📈

Weekly EMA 8, 14, & 34: These indicators are tightly grouped and leveling out after rejection at 31K. It's imperative to maintain a close above 27.5K to prevent a downturn.
Daily EMA 8, 14, & 34: Over the past week, we've been oscillating between EMA 8 and MA 200. Bulls are eyeing a break above MA 200, aiming for a close above 28K.
Bollinger Bands (BB): 🌀

Weekly BB: Both MA20 and MA200 are acting as resistance after BTC bounced from the lower Bollinger band. While the bands may constrict further, we observe reduced volatility.
Daily BB: The upper band and MA200 are in confluence, creating resistance.
Key Areas to Watch: 👀

Resistance: 💪💲 $28,000
Support: 🛡️💲 26,000
Conclusion:

Significant resistance lies at 28K, including the daily and weekly MA200, upper Bollinger band, and a key horizontal area.
Achieving daily candle closures above 28K is essential to entertain the possibility of reaching 31K before the year ends.
Risk Disclaimer:

This content is provided for informational purposes only and should not be considered financial advice. It is crucial for everyone to conduct their research (DYOR) before investing their money, as cryptocurrencies are known for their volatility and the potential for substantial losses.