With the arrival of October, the cryptocurrency market, which experienced a significant surge, is starting to lose its gains. The cryptocurrency market, particularly Bitcoin investors, continues to cause fear and concern due to its focus on US macroeconomic data and future steps by the SEC. While some analysts argue that a rally is about to begin, others expect a significant drop.
Bitcoin Daily Chart Analysis
There are no notable formations on the daily chart of Bitcoin. However, the fact that price movements have been continuing in the same range for almost six months indicates both the strengthening of Bitcoin’s price and the fear it instills in investors. The rejection of Bitcoin from the EMA 200 average in the last two rallies suggests that this average serves as a resistance, indicating a negative scenario.
The important support levels to be observed in the Bitcoin chart are respectively $27,124 / $26,024 and $24,907. The fact that $24,907 level has worked in two critical periods highlights the importance of this area. If a daily bar closure occurs below this level, it may lead us to see the lowest Bitcoin level in recent times and deepen the decline.
The important resistance levels to be monitored on the chart are respectively $28,169 / $28,864 and $29,756. Based on recent periods, a daily bar closure of Bitcoin only at the $28,169 level enables the surpassing of the EMA 200 average and the breaking of a significant resistance.
Bitcoin Two-Hour Chart Analysis
In the two-hour chart, which especially futures traders should follow, the recent rise occurred within an ascending channel formation. However, with the recent price declines, the formation support has been broken, and despite an attempt, it could not enter the channel. It would not surprise anyone if the price experiences a significant drop, but Bitcoin could regain strength with just one positive news.
The important support levels to be observed in the two-hour chart are respectively $27,387 / $27,237 and $27,049. After the support breakdown, especially the $27,237 support worked, and a two-hour bar closure below this level could accelerate the decline.
The important resistance levels to be monitored on the chart are respectively $27,636 / $27,847 and $28,074. In particular, a two-hour bar closure above the $27,636 level will allow Bitcoin to re-enter the channel and break the resistance level.
