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Bitcoin Price Prediction: BTC/USD Hovers Above $10,800 After Rejection at the $11,000 Resistance

Bitcoin (BTC) Price Prediction – September 20, 2020
Yesterday, the BTC/USD price broke the $11,000 resistance, and price reached the $11,200 high. Today, the BTC price has fallen above $10,800 support. It is not clear if the current selling pressure will continue. Perhaps the support above EMAs will determine Bitcoin’s direction.

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

BTC/USD – Daily Chart

The recent price surge is a welcomed development as bulls could not sustain the upward move.  The breakout above $11,000 was insufficient as bears were able to push price downward. A convincing breakout above $11,500 should have been enough for Bitcoin to remain above the $11,000 support.

Today, Bitcoin is trading at $10,800 and further decline will result in BTC plunging to $10,000 support level. On the other hand, if buyers sustain the price level above the EMAs, Bitcoin will rise again. In other words, the BTC price should remain above $10,800 to resume a fresh uptrend. Bitcoin is above 80% range of the daily stochastic. It indicates that price is approaching the overbought region of the market. Sellers may emerge to push prices down.

A Survey Has It That Most Crypto Traders Are Long Term Investors
A recent survey of Huobi traders has indicated that 45% of respondents have time horizons longer than one year, with 12.5% saying that they are willing to wait over four years for a return on their investment. The survey indicated that 69% held BTC as the longest asset. The vast majority of respondents belonging to the 26–50 age range, have less than three years of investment experience. Among the aged bracket surveyed, most have income less than $10,000 and below. It should be noted that the survey took place in the “emerging markets,”

BTC/USD – Daily Chart

Nonetheless, the daily stochastic has indicated that Bitcoin has reached the overbought region of the market. Bitcoin may further decline if sellers emerge in the overbought region. Possibly a retest of the $10,000 support is likely. Eventually, if the price breaks the support, the market will fall and reach the 1.272 Fibonacci retracement level. That is a low of $9,400.

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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.