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⚡BTC Bulls Targeting $28,500🐂

Croxroad

09 Oct 2023 — 5 min read

☕️ GM Dear Plebs!

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The menu for today:

🛣️ BTC Bulls Gather Momentum

Bitcoin's price is looking to make a comeback and push towards the $28,500 resistance level. If it manages to break through this zone, we could see a strong upward movement in Bitcoin's value. Currently, things are looking positive as Bitcoin is holding onto its gains above the $27,450 mark and trading above $27,800, comfortably surpassing the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair from Kraken, there's a short-term declining channel forming, with a resistance point around $27,980. This suggests that Bitcoin might be gearing up for another attempt at the $28,500 resistance zone in the near future.

Bitcoin faced a setback when it couldn't break through the tough $28,500 resistance zone, leading to a correction. This correction saw BTC drop below $28,000 and test support at $27,200, reaching a recent low of around $27,185. However, there's some positive news as the price is on the rise again. It managed to surpass both the $27,400 and $27,500 resistance levels, reaching a high point of approximately $28,284. Currently, Bitcoin is consolidating its gains just below the 23.6% Fibonacci retracement level, which is based on the recent upward move from the $27,185 low to the $28,284 high.

Currently, Bitcoin is trading above $27,800 and comfortably above the 100-hourly Simple Moving Average. It's currently testing the $28,000 resistance zone, but there's a short-term declining channel on the hourly BTC/USD chart with resistance around $27,980. In the immediate future, the key resistance to watch is at the $28,000 level, and if Bitcoin manages to break through this, the next significant obstacle lies around $28,500. A successful breach of the $28,500 resistance could pave the way for another upward move, possibly targeting the $29,200 resistance, and if momentum continues, even a push towards the coveted $30,000 level may be in the cards. However, the crypto market is known for its volatility, so it's essential to keep a close eye on developments.

In case Bitcoin doesn't manage to break above the $28,000 resistance, we might see a renewed downward movement. The initial support on the downside is around the $27,800 level, coinciding with the 100-hourly Simple Moving Average.

The next significant support level to keep an eye on is approximately $27,450. However, the most critical support is currently taking shape around the $27,200 mark. If Bitcoin experiences a breakdown below and closes below this level, it could potentially trigger a further decline, with the next support zone coming into play at around $26,650 in the short term. Beyond that, another support level stands at $26,200. As always, the cryptocurrency market is known for its volatility, so it's important to stay vigilant and adapt to changing conditions.

🪵 Sam Altman Applauds Bitcoin

OpenAI CEO Sam Altman expressed his enthusiasm for Bitcoin, describing it as a "super logical" advancement on the technology landscape during an episode of The Joe Rogan Experience podcast. He emphasized the significance of having a global currency that operates independently of government control, seeing it as a crucial development. Altman's interview also delved into the idea of Bitcoin potentially serving as a global reserve currency and his reservations about central bank digital currencies (CBDCs). As the founder of Worldcoin, he believes that the transition to a technologically-driven world, which includes the adoption of Bitcoin, has the potential to mitigate corruption, underscoring the broader implications of cryptocurrency beyond just financial innovation.

Sam Altman pointed out the detrimental impact of corruption on societal progress and highlighted how digital payments, including Bitcoin, could potentially be a game-changer in reducing corruption. The transparency and traceability of digital transactions, even with Bitcoin, offer the ability to monitor financial flows, making it harder for corrupt practices to thrive. Joe Rogan, despite some skepticism towards the broader cryptocurrency industry, expressed his optimism about Bitcoin's potential as a universal and viable currency. He highlighted Bitcoin's unique features, such as its limited supply and decentralized mining process, as factors that make it particularly intriguing and valuable. Rogan appreciates the practical implementation and the possibilities that Bitcoin brings to the financial landscape.

Sam Altman has been a longstanding advocate for Bitcoin, even making the case a decade ago that a world transacting primarily in Bitcoin would be far more transparent and, in turn, reduce corruption significantly. Both Altman and Joe Rogan voiced strong opposition to central bank digital currencies (CBDCs) during their conversation and expressed concerns about the potential implications for privacy and control. Rogan particularly emphasized his worries about CBDCs being tied to a social credit system, which could lead to increased government control over people's spending. Altman expressed disappointment in how the U.S. government has been handling the cryptocurrency industry, describing it as a "war on crypto" and expressing sadness about the direction the country is taking in this regard. Their conversation underscores the complex and evolving dynamics surrounding digital currencies and their potential impact on society and governance.

✒️ Bullish Pennant

A bullish pennant is a bullish chart pattern that shares some similarities with a bullish flag. It starts with a strong uptrend, known as the pole, followed by a period of consolidation, which can be short or longer in duration. What sets it apart from the flag pattern is the shape of its consolidation phase, which resembles a triangle. In this triangular consolidation, you'll notice higher lows and lower highs. This particular pattern is significant because it typically provides a buy signal, suggesting that after the consolidation period, the price is likely to continue its upward trajectory.