Bitcoin Price Prediction: BTC/USD Upside Momentum Under Threat as Bulls Fail to Break $11,000 Resistance Convincingly

Bitcoin (BTC) Price Prediction – September 20, 2020
BTC/USD has finally broken above the $11,000 resistance but BTC price is not well above the support levels. For the upside momentum to be actualized fully, the BTC price must be between levels $11,200 to $11,400.

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

BTC/USD – Daily Chart

Today, the coin rebounded and reached the $11,200 high. Immediately, BTC was retracing from the recent high. The market is showing bearish signals. On the downside, if price retraces to the support of the EMAs; the coin will resume a fresh uptrend. Today, BTC is trading at $11,080 at the time of writing. In the same vein, if price falls and finds support above $11,000, BTC will resume a fresh uptrend. Conversely, if price breaks the EMAs or below the $11,000 support, the upside momentum will be invalidated. The uptrend will be interrupted and prices will have a generally downward movement. Today, BTC is holding on the upward move as buyers continue to push prices upward.

Bitcoin(BTC) Indicator Reading
BTC price broke above the resistance line of the descending channel. The implication is that the uptrend will continue as price closes above the resistance line. The coin is above 80% range of the daily stochastic. It implies that BTC is in strong bullish momentum. Also, the coin has reached the overbought region of the market. Sellers may emerge if the market reaches the overbought region.

BTC/USD – 4 Hour Chart

Meanwhile, the crypto is currently facing resistance at the $11,200. The Fibonacci tool analysis will be achieved if the current resistance is breached. Buyers have to defend the $11,000 support to prevent sellers from breaking below it. Meanwhile, the coin is still in a strong bullish momentum.

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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.