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

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Crypto Analysis:::2023-10-05T08:09:10

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

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

Analyst InstaForex
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