Search Inside Bitcoins

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.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.