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Bitcoin Price Prediction: BTC/USD Sustains Recent Rallies, Continues the Retest of the $11,000 Overhead Resistance

Bitcoin (BTC) Price Prediction – October 1, 2020
Today, a price spike reaches the $10,960 high and it was repelled. In the same vein, buyers have made concerted efforts to clear the resistance at $10,800 and $11,000 but to no avail. BTC price has been hovering above $10,700 to retest these resistance levels.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

BTC/USD has formed a price range of between $10,660 and $10,800 as BTC continues to retest the resistance zones. Today, the coin rose from a low of $10,660 and retested the $11,000 resistance zone. The price has retraced to the support above $10,890 for subsequent upward resumption. After the first failed attempt at the resistance, the bulls are back to retest the $11,000 overhead resistance.

The price is above $10,900 at the time of writing. When price breaks the resistance level, the market will rally above $11,100. If the momentum is sustained, Bitcoin will have an accelerated price movement above the $11,100 support. The market is expected to rally above $11,500. The bottom line is that once the resistances at $11,000 to $11,300 are cleared the upside momentum has resumed.

Bitcoin Rises Against the U.S. Dollar Currency Index (DXY) After the Promise of a Second Stimulus Check
On Wednesday, Treasury Secretary Steven Mnuchin has indicated that talks were ongoing as consultations over a new coronavirus stimulus deal continued in Washington. According to the treasury secretary that “ $1,200 checks for Americans will feature in any deal”. The reports have it that the U.S. dollar currency index (DXY) weakens which results in more opportunities for Bitcoin gain.

Mr. Mnuchin was speaking a day after the end of a presidential debate between President Donald Trump and his rival Joe Biden. Because of this, a popular trader, namely Tone Vays has advised that no matter who takes over the White House that traders should buy Bitcoin. This is because they will keep printing money which finances stimulus packages. This invariably will harm the dollar.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has continued to retest the resistance zones. BTC will attain a new high as the $11,000 resistance is breached. On September 28 uptrend; BTC was resisted at $10,980. The red retraced candle body tested the 38.2% Fibonacci retracement level. This indicates that the market will reach a high of 2.618 Fibonacci extension or a high of $11,603.10.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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