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Bitcoin Price Prediction: BTC/USD Creeps Towards $9,200 Following Rejection at $10,000

Bitcoin (BTC) Price Prediction – October 28

The Bitcoin price is trading above $9,200 against USD and the coin is likely to climb steadily with a few downward moves.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $11,000, $11,500, $12,000

Support Levels: $7,000, $6,500, $6,000

BTCUSD – Daily Chart

It is safe to say that Bitcoin has been turbulent in recent days, after tight trading for a few weeks with relatively low volatility. A few days ago, the Bitcoin price rose sharply by moving above the resistance levels of $7,500 and $8,000 against the US dollar. The coin even exceeded $9,500 and $10,000 levels before correcting lower. At the moment, the price is declining and is moving close to the 9-day and 21-day moving averages at $9,403.

In addition, a crucial uptrend could probably form at the upper limit of the channel, with support close to $9,400 on the daily chart. However, if the decline occurs below the trend line, the price could extend its downward correction to the $9,200 level and any other loss could possibly push the price of Bitcoin to the support level of ​​$8,700.

Looking at the daily chart, BTC/USD is still showing a lot of positive signs above the $9,400 and $9,200 levels. However, there are few chances of another downward move towards $9,200 or $9,000 to complete the correction. Once the price has reached the current correction, it is likely to surge above $10,000 or even $10,500.

More so, at the time of writing, the Bitcoin price had dropped slightly to $9,403. A further sell may cause the market to reach the critical supports at $7,000, $6,500 and $6,000. In other words, if the market were to rebound, we could see the next buying pressure towards the resistance levels of $11,000, $11,500 and $12,000. Nevertheless, BTC still maintains a bullish trend on the daily chart, with the stochastic RSI within the overbought limits.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

Following October 25 bounce, Bitcoin’s price was roofed at $9,933 resistance after breaking the wedge pattern bullishly to the upside on the 4-hour chart. The resistance at the $9,933 was too heavy for the bulls to overcome. So the price is seriously struggling in a consolidation mode, which has made BTC remain indecisive over the past few hours now. The resistance levels to watch are 10,200 and above.

BTCUSD – 4 Hour Chart

In addition, Bitcoin’s price is still roaming around the $9,432 and we can see that the bearish supply has been slowly turning heavy in the market, while the bulls are trying to defend the $9,000 support. Meanwhile, the $8,800 and below may come into play if BTC breaks the mentioned support. There’s hope for the buyers as soon as the stochastic RSI begins to move out of the oversold zone.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.