Bitcoin Price Prediction: BTC/USD Consolidates Between $10,500 and $10,700 After Rejection at the $10,800 Resistance

Bitcoin (BTC) Price Prediction – October 8, 2020
On October 6, BTC/USD has a breakdown to the low of $10,556. The price was corrected upward but was repelled at the $10,700 resistance. The king coin has been retracing after the resistance at the recent high. BTC has fallen and retested the previous support level at $10,556.

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

BTC/USD – Daily Chart

Today, the selling pressure has persisted as the bears attempt to break the previous support at $10,556. This was the support at which the coin rebounded on October 6. Bitcoin will continue on the downside once this support is breached. In other words, Bitcoin will decline to either $10,400 or a low of $10,200. Expectantly, the BTC price is likely to rebound if it falls between $10,000 and $10,200. Today, Bitcoin is still trading at $10,574 at the time of writing.

The srypto is capable of moving up if the current support holds. Buyers may attempt to push price above the $10.700 resistance. Alternatively, a rebound above the current support will propel price to break the current resistance and retest the previous highs. The coin is trading at level 46 of Relative Strength index period 14. This indicates that the coin is in the downtrend zone and may likely fall.

Thieves Bungle Bitcoin ATM in a Delicatessen in the Canada Town of Kelowna
The Bitcoin ATM theft occurred on October 7 which was located on the back wall of the neighboring store. At exactly local time, the two thieves destroyed the front wall of a delicatessen in Canada after a failed attempt to steal a Bitcoin ATM. When they noticed that they can easily be caught, they fled empty-handed.

Then their white GMC Sierra pick-up truck ran into L&D Meats and Deli and smashed its front wall. According to Solana Paré, a spokes person for Kelowna police indicated that: “A preliminary assessment conducted by staff on-site, suggests that despite the thousands of dollars in damage caused, nothing appears to be taken from inside the business as the suspects were unsuccessful in taking the Bitcoin ATM.”

BTC/USD – 4 Hour Chart

According to the price action, Bitcoin is likely to further decline to the previous low. On October 6 downtrend, Bitcoin dropped to $10,556.20 support. The retraced candle body tested the 50% Fibonacci retracement level. This implies that the coin will revisit the low at level 2.0 Fibonacci extension or the low of $10,271.80.

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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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