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05.10.202214:44 Forex Analysis & Reviews: Bitcoin technical analysis for October 4th, 2022.

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Blue lines- bearish channel

Red lines- horizontal key price levels

Bitcoin is trading around $20,000. Price has bounced higher from $19,000 but price has made no real progress. Price remains inside the medium-term bearish channel and is challenging channel resistance. Price continues to respect the key horizontal support of $18,500. As long as price holds above $18,500, bulls have hopes for a bigger bounce towards $28,000. First obstacle bulls need to overcome is the recent high at $22,780. Failure to do so will lead to a break below support and a move towards $12,000.

Alexandros Yfantis
Analytical expert of InstaForex
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