Bitcoin (BTC) rebounds at the resistance line, what will happen to the price going forward? — October 5 Chart Analysis
On October 4, a bullish candlestick formed and BTC (Bitcoin) touched the high of October 1. After touching the high, it has been forming a gradual downtrend chart. With Bitcoin breaking below the downtrend line at the time of the October 4 bullish candlestick formation, what kind of price movement will it show in the future? We will review the chart.
After touching the 750,000 yen range on October 4, Bitcoin (BTC) is forming a gradual downtrend along the channel line
Also, with the October 4 bullish candlestick, the selling volume for BTC has significantly decreased. Contributing factors may include the breakout of the downtrend line, the emergence of a bullish trend signal on the time-frame chart, and even the emergency maintenance at the overseas major cryptocurrency exchange Bitfinex, which may have played a major role.
After touching the 750,000 yen range, BTC has relatively continued to move along the channel line. However, as of 7 a.m. Japan time on October 5, there is evidence of movement breaking upward through the channel line. The current price range of BTC is in the mid-746,000 yen area. For BTC, once it breaks through the channel line, the next key point is whether it can turn the breached channel line into a support line.
As long as BTC does not fall below the channel line, the market can be considered to maintain a bullish outlook. If BTC breaks the channel line and the candlestick moves back inside the channel line, the likelihood increases that a gradual downtrend will continue.
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