Bitcoin Price Prediction: BTC/USD Trades Marginally Above $11,000 After the Recent Surge to $11,200

Bitcoin (BTC) Price Prediction – September 19, 2020
Today, BTC/USD rebounded above $10,900 as price reached a high of $11,200. The selling pressure at the $11,200 high repelled the price movement on the downside. BTC price is retracing to the $11,000 support.

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

BTC/USD – Daily Char

Bitcoin bulls sufficiently broke the $11,000 resistance level as price reached a high of $11,200. However, the bears with the same magnitude pushed the coin downward. The king coin is trading at $11,090 at the time of writing. Buyers have to sustain the price above $11,000 to avoid price sliding downward. A break below $11,000 will result in price falling to the $10,600 support. Subsequently, BTC will reach a low of $10,500 or $10,200. This will invalidate the upside momentum. Meanwhile, BTC is trading marginally above the $11,000 support. The coin is above 80% range of the daily stochastic. It indicates that price is in strong bullish momentum as the market approaches the overbought region of the market.

Reasons Why Bitcoin Price Hit the $11,000 Resistance Despite Altcoin Stagnancy
The Fed meeting is one of the reasons. The recent surge of Bitcoin coincided with the recovery of Gold and the intraday rally of the U.S stock market. BTC was rising as the Federal Reserve hosts a meeting to decide interest rates. Another reason is that $11,000 remains a resistance. When there is a rejection, the $10,100 and $10,500 remains as a key support level.

BTC/USD – 4 hour

Today, buyers broke the $11,000 resistance and reached the $11,200 high. The price is retracing to the $11,000 support. If the bulls break the current resistance at $11,200, the market will reach the Fibonacci .1.272 extension or the high of $11,400. Usually, the market reverses at the 1.272 Fibonacci extension level.

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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.