Bitcoin Price Prediction: BTC/USD Holds above the Critical Support Zone at $11, 300, Attempts to Break the Price Range

Bitcoin (BTC) Price Prediction – October 18, 2020
BTC/USD price has been stagnant above $11,300 support. The price movement is insignificant as the market remained range-bound. The critical support zones of $11, 100, $11,200, and $11,300 remain unbroken as price continues to consolidate.

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

BTC/USD – Daily Chart

Bitcoin price has been stuck between $11,200 and $11,440. The king coin has been trading marginally since October 16. The survival of the crypto is the holding of the critical support zones. On the upside, a breakout will catapult BTC through the critical support zones to the high of $11,800.On the downward side. If the bears break through the critical support zones and the $11,000 support is breached, Bitcoin will resume a downward move to the previous lows. Today, BTC is trading at $11,410 as the bulls push the price on the upside. Further bullishness will arise if price breaks through the resistance levels.

Bitcoin (BTC) Indicator Analysis
Bitcoin is at level 53 of the Relative Strength Index period. The coin has returned to the uptrend zone and it is above the centerline 50. The 21-day and 50-day SMA are sloping upward move indicating the upward move. The price action is showing bullish signals as the coin moves up.

BTC/USD – 4 Hour Chart

Bitcoin is currently trading in a tight range, if the bulls fail to break the resistance levels, then the bearish reaction will follow. The Fibonacci tool analysis has indicated a possible fall of Bitcoin. That is, on October 16 downtrend, the retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that Bitcoin will further decline to level 1.272 Fibonacci extension. In other words, the coin will fall to a level of $11,065 low. The market will resume an upward move after falling to the previous low.

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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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