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Bitcoin Price Prediction: BTC/USD Price Is Stuck in a Range as Bulls Attempt to Break the Resistance at $10,800

Bitcoin (BTC) Price Prediction – September 27, 2020
BTC/USD price has continued to trade above the $10,700 support. Presently, it has partially broken above the $10,800 resistance. If successful a retest at the $11,000 resistance is possible.

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

BTC/USD – Daily Chart

Bitcoin price is stuck in the range above $10,700 price level. Buyers may want to break above this range. A breakout is unlikely as the coin will have an equitable bearish consequence. What is expected is a downward movement of prices if the bulls fail to break the current resistance. Today, BTC is trading marginally above $10,800 in the current range-bound zone. The price has partially broken above $10,800 but the momentum may not be sustained. However, the current price level is above the EMAs which will propel the price to rise. In this bullish scenario, a retest at the $11,000 resistance is possible. Meanwhile, BTC is above 50% range of the daily stochastic. It indicates that the coin is in a bullish momentum.

Bitcoin (BTC) Indicator Analysis
The price has broken above the EMAs. BTC/USD will rise if the current momentum is sustained. Secondly, the market is also approaching the resistance line of the descending channel. When price breaks and closes above the resistance line, the coin will continue to rise.

BTC/USD – 4 Hour Chart

The price action is still in favor of the bulls as the price continues to retest the resistance zone. According to the Fibonacci tool, BTC will rise and retest the $11,000 resistance, if the current resistance is breached. A red retraced candle body has already tested the 78.6 % Fibonacci retracement level. This will enable the coin to rise and reach the 1.272 Fibonacci extension level or $11,029.80 high. However, the BTC price will reverse at that price 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.

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