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Bitcoin Price Prediction: BTC/USD Battles to Jump Over the Hurdle at $10,800 Resistance

Bitcoin (BTC) Price Prediction – September 27, 2020
The crypto price action has remained the same for the past four days as the market continues to consolidate above the $10,700 support. At the same time price is retesting the key levels to break above or below it.

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

BTC/USD – Daily Chart

Bitcoin bulls are in a serious challenge as the $10,800 resistance has become an obstacle to overcome. For buyers to resume the upside momentum, the BTC/USD price must be pushed above the resistances at $11,000 to $11,300. When these resistances are cleared, the coin will have price accelerated movement on the upside. The $12,000 and $12,400 overhead resistances will be retested. Meanwhile, Bitcoin is still stuck in the current range above $10,700 high. On the downside, there are bearish consequences if the bulls fail to break the $10,800 resistance. At first BTC price will drop to $10,400, or $10,260. However, if the bears break the $10,000 and $9,800 support levels, BTC will nosedive to $9,300 low.

Bitcoin Indicator Reading
BTC price is trading below the resistance line of the descending channel. The king coin will resume an upward move if price breaks and closes above the resistance line. The crypto is at level 41 of the Relative Strength Index period 14. That is, it is in the downtrend zone and below the centerline 50. The EMAs are sloping horizontally characterized by small body candlesticks called Doji and Spinning tops. This candlestick explains the indecision between buyers and sellers when the market is range-bound.

BTC/USD – 4 Hour Chart

On the 4 hour chart, the BTC price is range bound between $10,600 and $10,800. For the past four days, the market has been fluctuating in this range. The bulls and bears are undecided as the market continues to trade in a tight range. In this current range, the BTC price may encounter a breakout or breakdown. A breakout at the $10,800 resistance will make the coin to rally above $11,000. A breakdown below $10,600 will make BTC to drop to $10,200 low. Meanwhile, the coin is still confined in the current range.

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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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