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Bitcoin Price Prediction: BTC/USD Breaches Critical Resistance Zones, Targets $13,200 High

Bitcoin (BTC) Price Prediction – October 11, 2020
BTC/USD  resumes an upward move to retest the $11,500 after retracing to $11,300 support. Yesterday, the king coin rebounded above $11,100 to reach the $11,500 but could not break it. On the lower time frame, the price is making a series of higher highs and higher lows.

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

BTC/USD – Daily Chart

On October 8, the coin rebounded above $10,541 and broke the resistance levels to reach a high of $11,500. Today, the coin has resumed upward move after a minor retracement. Since the coin has cleared and broken through the resistance levels of $11,100 to $11,300, the coin will continue with the upside momentum. The bullish momentum will continue to the 12,000 resistance but will face resistance at the $11,800 and $11,950. A retest at the overhead résistance is possible if these are cleared. Nonetheless, the daily stochastic is indicating that price is approaching the overbought region of the market. This signal will limit the price movement to the previous highs The king coin will not retest the $12,000 overhead resistance until the overbought conditions are fulfilled.

Bitcoin Indicator Reading
BTC price has broken above the 21-day and the 50-day SMAs. The implication is a further bullish movement of the coin. Bitcoin is above 80% range of the daily stochastic. It indicates that sellers will emerge at the overbought region to push prices down.

BTC/USD – Daily Chart

Meanwhile, as price breaks through the resistance levels, Bitcoin is likely to attain anew high. On September 29 uptrend, the coin was resisted, the retrace candle body tested the 38.2% Fibonacci retracement level. This explains that the market will continue to rise to the level of 2.618 Fibonacci extension level. In the other words, Bitcoin will reach a high of $13,298.

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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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