Bitcoin Price Prediction: BTC/USD Jumps Above $10,940 Resistance Level; Bullish Confirmation?

Bitcoin (BTC) Price Prediction – October 8

BTC/USD is currently flirting towards the $11,000 resistance level as the king coin hits an intraday high of $10,949.

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

Key levels:

Resistance Levels: $11,200, $11,400, $11,600

Support Levels: $10,200, $10,000, $9,800

BTCUSD – Daily Chart

BTC/USD is seen breaking out of a bear market as the coin has retested and confirmed the former downtrend triangle resistance as support. The coin is currently holding strong above $10,900. Bitcoin (BTC) recovers from the recent drop below $10,532 during the early trading sessions today and now settling above $10,500 at the time of writing. Meanwhile, BTC/USD has been struggling to break the tight range since the end of last month after a sharp recovery from the recent low of $10,135 on September 23.

Would Bitcoin Go Up or Down?

The Bitcoin bulls are currently trading comfortably above the 9-day and 21-day moving averages as the price establishes a new bullish signal. The last time we saw BTC exchanging hands above $10,900 was October 1 when the coin touched the daily high of $10,931. However, the long-term outlook now favors the bulls, given the daily close produced a large bullish engulfing candle with eyes now set on the daily resistances at $11,200, $11,400, and $11,600 respectively.

However, rejection at $10,900 could eventually lead to declines to the critical support below the moving averages at $10,600. In case BTC continues falling and touches the $10,600, then the coin can rely on the long-term support levels at $10,200, $10,000, and the psychological $9,800. Alternatively, the technical indicator RSI (14) is seen moving above the 50-level, suggesting more bullish signals.

BTC/USD Medium-term Trend: Bullish (4H Chart)

According to the 4-hour chart, the Bitcoin price is seen retreating after touching the daily high at $10,963; however, today’s price move happens to be the most impressive one as it climbs above the long-awaited resistance level of $10,900 with a sharp surge. However, BTC/USD is now maintaining its bull-run above $10,800 as the RSI (14) moves around 66-level.

BTCUSD – 4 Hour Chart

Above the said price mark, BTC may take a downward move if the bulls failed to push the price higher. Therefore, the coin may breach the major support near $10,750 and could reach another support at $11,650. However, if bulls find a decent support around $10,850, the coin may continue its recovery by crossing above the channel to hit the resistance at $11,100 and above.

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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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