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Bitcoin Price Prediction: BTC/USD Breaks Above $10k Psychological Level, Targets $11.5k High

Bitcoin (BTC) Price Prediction – July 28, 2020
Bitcoin bulls have broken the $10,000 and $10,500 resistance as price accelerated on the upside. The king coin’s next target will be at the $11,500 high. Yesterday, the crypto rallied to $11,379 high after breaking the resistance before it. However, price made a pullback to $11,044 to continue the uptrend. Analysts believe that the recent surge will continue as bulls buy the dips.

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

BTC/USD – Daily Chart

On July 27, BTC/USD finally made a strong bounce above $9,900 to break the $10,000 and $10,500 overhead resistance. This brings to an end the consolidation between $9,000 and $10,000 since May. The bulls have been consistent in the upside range consolidation in the last three months. Meanwhile, the bulls have to sustain the current upward move above $10,500 to avoid price decline.

Analysts believe that once the $10,500 resistance is breached, the price will rally to $11,500. Presently, BTC is trading above $11,000 after the recent retracement. The king coin is trading in the overbought region at level 83 of the Relative Strength Index period 14. The price has continued to rise in the overbought region; because in a trending market the overbought conditions may not hold.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
On the 4 hour chart, Bitcoin is retracing after a minor resistance. Before now the $10,000 overhead resistance was breached after price pulled back and rebounded above $9,900 support.

BTC/USD – 4 Hour Chart

The price broke the overhead resistance as it rallied to $10,250 high. The coin made another bounce above $10,250 support as bulls broke the $10,500 resistance. The momentum rallied to $11,379 high but the coin is facing rejection at the $11,250 high. On the upside, if the bulls sustain hold above $10,500 support, the uptrend will resume to the next target. Presently, BTC is above 80% range of the daily stochastic but the stochastic bands are making a U-turn below the range. The coin is in the overbought region as sellers may emerge to push prices down. Later, the market will continue its uptrend.

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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.