$BTC's Key Resistance Trendline for This Week

9. Okt. 2023

BTC has been very bullish since late September and early October, but has reached strong resistance at 28k. The orange trendline is a key price target where BTC bulls and bears are struggling to gain control over this price level. The trendline acted as support for a few hours before ultimately breaking below, and is currently acting as short-term resistance. For now BTC is trading in a range between the white support zone and the 28k resistance level. In order for BTC to climb up higher this orange trendline needs to be flipped into support. The markets have been affected by the new Israel Palestine conflict. Other key events this week are September PPI inflation data and Fed meeting minutes on Wednesday October 11. I think the markets are likely to have some sideways price action on Tuesday in anticipation of the new inflation and fed data.