FX.co - BTC update for October 05, 2023 - Potential for the further rally

2023-10-05T08:09:10

Relevance until2023-10-06

Technical analysis:

BTC update for October 05, 2023 - Potential for the further rally

BTC/USD has been trading upside as I expected but there is still potetnial for the further rally towards the upside reference.

Due to the breakout of the supply trend-line in the background and lack of selling power, I see potential for the further rally.

Upside objective is set at the price of $28.580

RSI oscillator is showing bullish reading and hidden bullish divergence, which is good sign for the further higher prices.

Support is set at the price of $27.200

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC update for October 05, 2023 - Potential for the further rally