Thursday, November 26, 2020
Home Uncategorized Bitcoin Price Prediction: BTC/USD May Break out as the Price Hovers Around...

Bitcoin Price Prediction: BTC/USD May Break out as the Price Hovers Around $10,636

Bitcoin (BTC) Price Prediction – September 24

Bitcoin (BTC) price is trading nicely above the $10,500 and the coin must climb above the $11,000 resistance to continue higher.

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

Key levels:

Resistance Levels: $11,000, $11,200, $11,400

Support Levels: $9,600, $9,400, $9,200

BTCUSD – Daily Chart

BTC/USD starts trading with a downside movement as the coin touched $10,192 in the early hours of today, but later, BTC/USD market started improving, moving it out of the downside to the upside. However, within the first few days of this second month of the first quarter, BTC/USD has moved up from $10,192 to $10,737 and now changing hands at $10,636.

Will BTC Break Through $11,000 Resistance Level or Reverse?

BTC/USD is finding it difficult to climb higher above the $10,800 resistance as the coin is settling in a tight range around the 9-day and 21-day moving averages. Typically when the new uptrend movements are beginning to form, buyers may use the 21-day MA as the nearest support levels. But in as much as the orange-line of the 9-day MA is above the green-line of the 21-day MA, the market may likely follow the upward movement.

However, if the market decides resume downtrend, Bitcoin’s price may drop to $10,000, and should this support fails to contain the sell-off, we may see a further drop to $9,600, $9,400, and critically $9,200. The resistance levels to watch are $11,000, $11,200, and $11,400 respectively. Meanwhile, the technical indicator RSI (14) is facing the north, suggesting additional bullish signals into the market.

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

Looking at the 4-hour chart, Bitcoin’s price is currently trading around $10,675 and above the 9-day and 21-day moving averages after a reversal from the low of $10,192 in today’s trading. Meanwhile, traders can notice that the bullish supply is coming up slowly into the market.

BTCUSD – 4 Hour Chart

However, if the buyers continue to strengthen and energize the market, they may push the price towards the resistance level of $10,800. Therefore, breaking the mentioned resistance may allow the bulls to test the potential resistance at $10,900 and above. Meanwhile, the RSI (14) is making an attempt to cross above the 60-level, but any bearish movement below the moving averages could drag the coin to the support level of $10,300 and below.

Popular Articles

Here Are the Best Bitcoin Black Friday Deals for 2020

Let’s get this out of the way: Thanksgiving is a mid-tier holiday. Turkey? It’s fine. Being pressured into giving thanks? Sure. The fraught cultural...

Polkadot long-term Price Analysis: 26 November

Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice Following the lead...

Catherine Coley: Bitcoin Is Jumping Thanks to All the New Buyers

As of late, bitcoin appears to be traveling on a rocket ship to the moon. The currency recently struck the $19,000 price for the...

Time To Pay Attention: Where The Bitcoin Bull Market Correction Might End

Bitcoin price over the last 24 hours saw an over $3,000 crash and more than 15% wiped out from its price tag. Despite the downside,...

Bitcoin: Why corrections weren’t unexpected

The world’s largest cryptocurrency, Bitcoin, was roaring and climbing towards its all-time high until a few days ago. In fact, BTC climbed to a...

Bitcoin Liquidation Data Suggest Recent Crypto Rally Wasn’t Driven by Retail Buyers

It has been a rough past few days for Bitcoin and the entire crypto market. Following BTC’s tests of its all-time highs in the...