Bitcoin (BTC) Price Prediction – September 26, 2020
BTC/USD trades above $10,700 after a rebound above $10,260 support. The king coin has earlier crashed to $10,160 after it failed to break the $11,000 resistance on September 19. The rebound has enabled the coin to escape sinking below the $10,000 support.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
On September 24, Bitcoin bulls ‘buy the dips’ as BTC rallied to $10,800 high from the $10,160 low. Despite the strong bounce above the recent low, buyers could not penetrate the $10,800 resistance. For the past two days, the bulls have to make efforts to break above the current resistance but to no avail. A break above the current resistance will give access to retest the $11,000 resistance. Nonetheless, a break above $11,000 resistance will catapult the coin to resume the upside momentum. In the meantime, BTC is trading below the $10,800.
Bitcoin (BTC) Indicator Analysis
Bitcoin price is still above the resistance line of the descending channel. It indicates that price will continue the uptrend. However, if price falls below the resistance line, BTC will resume a downward move. The price has not sufficiently broken above the EMAs as this will impede the upward move. The king coin is at level 49 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand.
Nevertheless, BTC is likely to make a further upward move. On September 24 uptrend, the coin reached a high of $10,842 but was resisted. The red retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the coin will rise and reach level 1.272 Fibonacci extension level or the high of $11,019.70. At this level, the coin will face another resistance and may reverse.