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Bitcoin Price Prediction: BTC/USD Is Relatively Stable Above $10,700, May Resume the Uptrend

Bitcoin (BTC) Price Prediction – September 26, 2020
After the last bearish impulse on September 3, BTC/USD is range bound between $10,000 and $11,000. Bitcoin price is yet to break these range-bound levels for the past three weeks. Presently, BTC is in a tight range between $10,620 and $10,800.

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

BTC/USD – Daily Chart

Since September 24, Bitcoin is trading in a tight range after its recent upward move to the previous highs. The bulls have retested the $10,800 resistance on four occasions to break it, whereas the bears have retested the $10,620 on two occasions to break it. The current resistance can easily be broken if BTC makes a strong bounce within a tight range. A strong bounce will propel price to break the resistance at $10,800 and the momentum will extend to retest or break the $11,000. BTC will resume upside momentum if the price breaks the $11,000 resistance and the momentum is sustained above it. However, if the price breaks the current support at $10,620, the coin will drop sharply to the $10,260. Meanwhile, the sideways move will continue to linger if the key levels remain unbroken.

Bitcoin Is “Just One Big Ponzi Scheme” by Dave Portnoy
Dave Portnoy is a popular Famous day trader and founder of Barstool Sports. According to reports that he bought $1.25 million worth of Bitcoin even though he thought its “just one big Ponzi scheme”. Portnoy made a categorical statement about crypto trading as: “You get in, and you just have to not be the one left holding the bag.” He commenced trading the Bitcoin (BTC) market in mid-August, after his discussion with the billionaire Winklevoss twins.

However, Dave Portnoy has a bad experience when his Chainlink investment took a sharp hit, at which time Portnoy announced his withdrawal from crypto investment. After the famous trader pulled out, he said to himself: “I’ll get back into Bitcoin. I don’t know when,” he said. “I don’t have much liquid really — it’s all invested,” Pompliano advised Portnoy that when he comes back, rather than trade, he should hold Bitcoin until the end of next year:

BTC/USD – 4 Hour Chart

Bitcoin is stable above $10,700 as it retests the resistance at $10,800. If the bulls break the current resistance, the Fibonacci tool analysis will hold. As a result of the retraced candle body testing the 78.6% Fibonacci retracement level, the market will rise and reach the high of 1.272 Fibonacci extension or $11,019.70.

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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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