Bitcoin (BTC) Price Prediction – October 27, 2020
Bitcoin price has broken away from the earlier price range of $12,800 and $13,200. Today, the bulls break the $13,200 resistance to reach a high of $13,715.The coin is now trading above $13,600 at the time of writing.
Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000
BTC/USD upward move is very impressive on the upside. Bitcoin bulls have been unrelenting after the upward move was initially resisted on October 21. Buyers retested the $13,200 resistance on more than four occasions before it was breached. The breakout is expected to reach the $14,000 price level. Meanwhile, the daily stochastic has indicated that BTC price is above 80% range, indicating an overbought condition, Similarly, the RSI period 14 is indicating that BTC price is at level 74 indicating that the market has reached the overbought region. From the price action, the BTC price is trending higher. This suggests that in a strong trending market the overbought condition may not hold.
Bitcoin (BTC) Indicator Reading
The initial breaking of the resistance line of the ascending channel has propelled BTC to push on the upside. The uptrend has been symbolic as BTC price rebound to break the crucial resistance levels. For example, the coin rebounded to break the $12,000 , $12,460 and $13,200 resistance levels. Besides, the uptrend has been ongoing despite reaching the overbought regions.
Interestingly, today the king coin is repeating the price action of October 21. On October 25, the retraced candle body tested the 38.2% Fibonacci retracement level. This gives us the clue that BTC will rise and reach Level 2.618 Fibonacci extension. This extension is equivalent to $14,341.60.