Introduction
Bitcoin experienced a 2.7% drop on September 25, 2023, causing a downward trend in many altcoins, including AVACS. This analysis will focus on Bitcoin’s technical outlook, including hourly, daily, and weekly charts, to offer insights into potential price movements in the near future.
Hourly Chart
The hourly chart indicates an overextended fifth wave movement, suggesting the possibility of further downside. However, various wave structures are analyzed on smaller timeframes, with expectations of a bounce.
Daily Chart
The daily chart suggests a bearish trend, with a potential target range of 22,696 to 23,875 for wave three. Stochastic RSI is moving towards oversold territory, indicating a potential upward move.
Weekly Chart
Weekly charts show Bitcoin sandwiched between the 50 and 200 exponential moving averages, with uncertainty regarding the weekly closed position. Bulls target 26,779 or higher, while bears aim for 25,692 or lower. The weekly closed position on Sunday will be crucial for setting the tone for the coming week.
October Price Predictions
Despite the bearish outlook, a green October is anticipated, but within the discussed structural context. Viewers of the video are invited to share their October price predictions for Bitcoin, with the possibility of reaching 27,000 to 28,000 dollars.
Conclusion
The technical analysis of Bitcoin suggests a bearish trend in the near future, with the possibility of further downside. However, a bounce is expected on smaller timeframes, and a green October is anticipated within the structural context. The weekly closed position on Sunday will be crucial for setting the tone for the coming week.
