Saturday, December 5, 2020
Home Uncategorized Bitcoin Price Prediction: BTC/USD Approaches $11,000; Price Moves Above $10,900

Bitcoin Price Prediction: BTC/USD Approaches $11,000; Price Moves Above $10,900

Bitcoin (BTC) Price Prediction – September 28

The Bitcoin price is in the hands of the buyers as confidence in the bullish market mounts.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $11,500, $11,700, $11,900

Support Levels: $10,200, $10,000, $9,800

BTCUSD – Daily Chart

BTC/USD is making a surprising move above the 9-day and 21-day moving averages as the coin touches the daily high of $10,956. Looking at the past daily charts, we can clearly see that the current bullish movements started upon breaking the resistance level of $10,828 on September 26, and most importantly, breaking above the moving averages.

Where is BTC Price Going Next?

Bitcoin is currently trading above the 9-day and 21-day moving averages at $10,914 The movement happened in less than one hour after Bitcoin started today’s trading at $10,778 which is an important support level on the daily chart but the bulls managed to maintain the upward movement.

However, it is important to note that Bitcoin’s inability to post any sustained closes within the $10,900 region shows that it is currently plagued by underlying weakness. This consolidation phase has given rise to a plethora of bearish divergences that may cause the cryptocurrency to see a notable retrace in the days ahead.

Moreover, the potential resistance levels for the coin are located at $11,500, $11,700, and $112,900 while the critical supports lie at $10,200, $10,000, and $9,800 as the RSI (14) moves above 50-level, suggesting more bullish signals.

BTC/USD Medium-Term Trend: Bullish (4H Chart)

On the 4-hour chart, BTC/USD touches a high of $10,956 after the price breaks above the 9-day and 21-day moving averages. However, as the technical indicator RSI (14) moves at 60-level, the upward move may be facing the resistance above the recent high.

BTCUSD – 4 Hour Chart

Meanwhile, on the downside, if the market price retraces and breaks below the moving averages within the ascending channel, the coin may further depreciate to the support of $10,650 and below. In other words, if the price retraces and finds another resistance above the channel, the uptrend could resume into the previous highs to hit the resistance at $11,100 and above.

Popular Articles

House Financial Services Chair to Biden: Repeal OCC Crypto Rules

As the outgoing Trump administration gives way to the incoming Biden administration, legislators from both parties are sending signals to the president-elect about their...

Top DeFi Coins Maker, Aave, and YFI Correct 10% as ETH Slides

Top decentralized finance (DeFi) coins have undergone a severe correction over the past day. Leading names such as MakerDAO’s Maker (MKR), Aave’s AAVE, Yearn.finance’s...

Volatile Bitcoin Not a True Store of Value Just Yet, Says Fidelity Digital Assets Head

Fidelity Digital Assets president Tom Jessop says that bitcoin is not a true store of value just yet because the digital asset is still...

Recent Bitcoin Breakout Barely A Blip In Coinbase Volume, But What Does This Mean?

Even those who have been around the cryptocurrency space for some time are still in disbelief over how fast Bitcoin rose from $3,000 to...

Bitcoin 101

Check out our new platform 👉 https://thecapital.io/Andrew GardnerDec 1 · 2 min readPhoto by André François McKenzie on UnsplashWhat is Bitcoin?Bitcoin has to be...

History of the Blockchain

Let’s look at important dates in the development of blockchain technology.Andrew GardnerNov 29 · 2 min readCheck out our new platform 👉 https://thecapital.io/Photo by...