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⚡BTC Breaks Key Resistance🤟

Croxroad

02 Oct 2023 — 5 min read

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💯 BTC Holds Strong Above $27,500

Bitcoin's price recently surged past the $27,500 resistance level, which is a positive sign for the cryptocurrency. Currently, it's hovering around the $28,000 mark, showing signs of consolidation. However, there's a possibility of a slight downward correction in the near future. The upward momentum was significant, with Bitcoin breaking through both the $27,200 and $27,500 resistance levels. It's also trading above the 100-hourly Simple Moving Average, indicating strength. On the hourly chart, there's a bullish trend line forming with support at approximately $27,350. Despite the potential for a minor correction, the overall outlook suggests that Bitcoin could continue its upward trajectory, aiming for further gains beyond $28,000.

Bitcoin's price saw a notable uptick, breaking through the $27,000 resistance zone and gaining momentum to surpass both the $27,200 and $27,500 resistance levels. The bullish surge was strong enough to push the price to test the $28,000 resistance, reaching a high of around $28,087. Currently, Bitcoin is in a consolidation phase, holding its gains. Importantly, it's trading comfortably above the 23.6% Fibonacci retracement level, calculated from the swing low at $26,692 to the recent high at $28,087, indicating a solid performance in the market.

Currently, Bitcoin is maintaining a strong position, trading above both the $27,500 mark and the 100-hourly Simple Moving Average, which is generally a positive indicator. Additionally, on the hourly chart of the BTC/USD pair, there's a significant bullish trend line taking shape, with a support level situated around $27,350. This trend line aligns closely with the 50% Fibonacci retracement level, calculated from the earlier upward movement that extended from the swing low at $26,692 to the high at $28,087. These factors suggest that Bitcoin's price is exhibiting resilience and potentially building a stable foundation for further positive movement.

In the immediate future, Bitcoin faces resistance around the $28,000 level, which needs to be breached for further upward momentum. Beyond that, the next significant hurdle could be at approximately $28,200. If Bitcoin manages to close above this $28,200 resistance, it might pave the way for even higher price levels. In such a scenario, we could see Bitcoin climbing towards the $28,800 resistance, and if the positive momentum continues, it may even target the $29,500 level.

These are the key levels to watch for potential price movements in the near term.

Should Bitcoin struggle to extend its gains beyond the $28,000 resistance, there's a possibility of a downward correction. The initial support on the downside is around the $27,750 level. However, if the selling pressure intensifies, the next significant support to watch is near the $27,350 level, which coincides with the mentioned trend line. A breakdown below this level could push the price toward the $27,000 mark. Further declines may lead to a test of the $26,750 support, and if that level doesn't hold, the next major support zone to be aware of is around $26,200. These are the key support levels to monitor in case of a bearish turn in Bitcoin's price action.

🦉 Bitcoin as Hyperinflation Savior

Robert Kiyosaki, who's well-known for his book 'Rich Dad Poor Dad,' is expressing optimism about Bitcoin and its potential in fighting against the problem of hyperinflation. He believes that a lot of people misunderstand what hyperinflation really means. While many think it means prices are rising rapidly, Kiyosaki clarifies that it actually means the value of money is decreasing, which leads to higher prices. In this context, he sees Bitcoin as a valuable asset that can act as a hedge against the eroding value of traditional currencies caused by hyperinflation. Essentially, Kiyosaki is emphasizing the importance of considering alternative assets like Bitcoin in times of economic instability.

Robert Kiyosaki highlighted a crucial point about hyperinflation: it doesn't just mean prices are rising; it actually signifies a decrease in the purchasing power of a country's currency. In other words, even though prices are skyrocketing, people can buy less with their money. To protect against this loss of purchasing power and secure their financial future, Kiyosaki advised his global audience to invest in assets like Gold, Bitcoin (BTC), and Silver. He urged people not to be on the losing side of hyperinflation and instead become winners by diversifying their holdings into these valuable assets, which are often seen as hedges against the devaluation of traditional currencies.

Robert Kiyosaki has been a steadfast advocate for Bitcoin and has consistently argued that it can serve as an effective solution to combat hyperinflation. His unwavering support for BTC as a hedge against hyperinflation is particularly relevant for countries like Argentina and Turkey. These nations have shown a growing interest in and acceptance of Bitcoin. In fact, the adoption of digital currency in these regions demonstrates that Bitcoin might indeed live up to its reputation as "digital gold." Kiyosaki's stance aligns with the idea that Bitcoin could be a valuable asset for people in countries facing economic instability and currency devaluation.

Bitcoin has gained prominence as a significant hedge against inflation in recent years. Its value tends to perform well during times of high inflation. As many governments worldwide grapple with rising inflation by increasing interest rates, Bitcoin has demonstrated substantial growth, exceeding a 60% increase year-to-date. This makes it an attractive option for individuals seeking a store of value that can potentially outpace inflation. Companies like MicroStrategy, which have consistently accumulated Bitcoin, have further bolstered the narrative that Bitcoin serves as an effective hedge against inflation.

⏺️ Bullish Rectangle

A bullish rectangle is a chart pattern that forms when the price of an asset becomes trapped between two horizontal lines of support and resistance, unable to break out in either direction. This pattern suggests that there's a strong likelihood of a breakout to the upside, which serves as a buy signal for traders. The key features of a bullish rectangle include price consolidation within the support and resistance levels and its typical occurrence at the conclusion of a downtrend. In essence, it signifies a potential reversal of the previous downward trend and hints at a forthcoming upward movement in the asset's price.