Bitcoin (BTC) Price Prediction – October 1
Bitcoin (BTC) has finally found some short-term relief from the bearish pressure that has seen the price levels drop from $9,788 to $7,693 within a few days.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $9,500, $10,000 $10,500
Support Levels: $7,000, $6,500, $6,000
On the daily BTC/USD chart, we can see that price levels have rapidly declined to result in Bitcoin dropping $2,000 within the space of a few days. Since then, short-term price action has formed a wedge that has clearly broken to the upside. This has resulted in price levels attempting to form a new uptrend. Buying volume has yet to flood back into the market and will be required in order to sustain any form of a new uptrend.
Currently, the market price for BTC/USD and the daily candle is trading at $8,362 but has already touched the 9-day Moving Average. The next resistance levels lies at $9,500, $10,000 and $10,500. Typically when the new uptrends are beginning to form, traders will use the 9-Day MA as a pivot resistance point to gauge the strength of the trend. When price levels rise above the 9-Day MA, this is a sign of sustainability and will likely result in a continuation of the newly formed trend.
However, should BTC price failed to move up; we may see a price cut to $7,500 vital support. A further low drive could send the price to $7,000, $6,500 and $6,000 supports. For now, the bulls are still defending critical support. But as things stand, the BTC/USD price is rising while the stochastic RSI is recovering from the oversold condition.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-hour chart, we can see that the bears have been stepping back into the market, but the bulls are trying to defend the $8,000 support as well. Meanwhile, the $7,700 and below may come in play if BTC breaks the mentioned supports.
In as much as the buyers can reinforce and power the market, we can expect a retest at the $8,535 resistance level. Breaking the mentioned resistance may further allow the bulls to test the $9,000 and above on the upside but the stochastic RSI is at the overbought zone which may turn bearish when faces down.
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