Saturday, December 5, 2020
Home Uncategorized Bitcoin Price Prediction: BTC/USD Faces Rejection after Touching $10,828 Daily High

Bitcoin Price Prediction: BTC/USD Faces Rejection after Touching $10,828 Daily High

Bitcoin (BTC) Price Prediction – September 26

Bitcoin (BTC) is currently facing exhaustion after been rejected at higher levels.

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

Key levels:

Resistance Levels: $11,400, $11,600, $11,800

Support Levels: $10,000, $9,800, $9,600

BTCUSD – Daily Chart

BTC/USD bulls appear to be recharging after successfully breaking back above the 9-day and 21-day moving averages touching the daily high at $10,828. At the time of writing, Bitcoin is trading at $10,695. Meanwhile, the RSI (14) shows a range-bound may play out soon but it is essential to realize that selling influence is also present and therefore, everyone must proceed with caution.

What to Expect from Bitcoin (BTC)

For Bitcoin holding above $10,500 remains key to ensuring buyers do not lose sight of the critical resistance at $11,000. Moreover, buyers must work hard to keep Bitcoin above the moving averages. A move above this barrier is likely to stir a buying frenzy in the market, attracting more investors. Therefore, if buyers overcome the seller congestion at the upper trend-line, traders can then expect BTC/USD to extend the bullish action majestically above $11,000.

Looking above that, we have the $11,400, $11,600, and $11,800 as the next set of likely resistances if Bitcoin manages to sustain its current momentum. In other words, if the bearish traders manage to defend the daily 21-day MA, however, then we should look to the $10,450 as the first area of support, falling below the lower boundary of the channel may locate the critical supports at $10,000, $9,800, and $9,600 respectively.

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

Looking at the 4-Hour chart, Bitcoin (BTC) has not yet slipped below the 9-day moving average and is still in the loop of making a bounce back. BTC/USD price hovers around the upper boundary of the channel and may take time to persistently cross the resistance level of $10,800. At the moment, the Bitcoin price is currently moving around $10,678 level.

BTCUSD – 4 Hour Chart

However, if BTC/USD decisively overcomes the $10,800 resistance, the next obstacles lie at $10,900 and $11,100. In other words, if the bears hold the price and push it downward, then the support level of $10,500and $10,300 may be visited as the RSI (14) may go below 55-level to indicate more bearish signals.

Popular Articles

Billionaire Hedge Fund Manager Paul Tudor Jones Expects Bitcoin’s Market Cap to Grow Beyond $500 Billion

Famed hedge fund manager Paul Tudor Jones has updated his view on bitcoin. Envisioning a bullish future similar to “the metals complex where you...

Facebook’s Diem stablecoin is an existential threat to traditional banking

Facebook, it is reported, could launch its long-awaited digital currency as early as January 2021 in the form of a U.S. dollar-backed stablecoin. Central...

Libertarian Ron Paul Wants to Legalize Bitcoin and Abolish the IRS

In brief Former presidential candidate and libertarian today spoke on a podcast about Bitcoin. The ex-Libertarian Party congressman said he is interested in the cryptocurrency. He said...

What are the world’s best Bitcoin investors saying behind closed doors?

Bitcoin’s rapid institutionalization has raised many eyebrows, around the world. In addition to this, it has also raised the interest and investment of institutional...

Here are the Crucial Levels to Watch as Bitcoin Climbs Back Above $19,000

Bitcoin is once again trading above $19,000, as this has been a crucial level for the cryptocurrency that bulls have ardently been trying to...

Chainlink, Algorand, Dogecoin Price Analysis: 05 December

After hitting its latest ATH on the price charts, Bitcoin has fallen. However, optimism remains high, especially since at the time of writing, BTC...