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Bitcoin Price Prediction: BTC/USD Stabilizes Above $11,600 As The Bulls Struggling To Conquer $12,000

Bitcoin (BTC) Price Prediction – October 19

Bitcoin bulls are working hard to nurture a bullish trend from the support at $11,400.

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

Key levels:

Resistance Levels: $12,100, $12,300, $12,500

Support Levels: $11,100, $10,900, $10,700

BTCUSD – Daily Chart

BTC/USD is currently trading 1.19% higher on the day. BTC/USD opens the session at $11,514 and now adjusting upwards to the prevailing market value of $11,650. The first digital coin is moving within the short-term bullish trend amid low volatility. The current conditions imply that the price may break above the upper boundary of the channel in the next few trading hours as the coin remains above 9-day and 21-day moving averages. Meanwhile, the technical indicator RSI may start following the upward trend.

Where is BTC Price Going Next?

At the opening of the market today, after testing the low of $11,416, BTC/USD is currently trading at $11,650. Meanwhile, looking at the market movement, there is likely that the market may experience a quick retracement or sell-off just after touching the crucial $11,685, and traders may see $11,300 to $11,200 being tested again before pushing higher.

On the downside, if the market decides to fall, the price of Bitcoin could fall below the 9-day moving average, and if that support fails to hold the sell-off, traders could see a further decline below the 21-day moving average and towards the support levels of $11,100, $10,900, and critically $10,700. All the same, any further bullish movement above the upper boundary of the channel may hit the resistances at $12,100, $12,300, and $12,500.

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

On the 4-hour chart, we expect the coin to gain the lost momentum and hit the trade above $11,800. However, the volatility hovers, and the selling pressure still exists which leads the coin not to be able to cross above the upper boundary of the channel. Meanwhile, the $11,400 and below may come into play if BTC breaks below moving averages.

BTCUSD – 4 Hour Chart

However, if the buyers can reinforce and power the market, traders can expect a retest at the $11,800 resistance level, and breaking this level may further allow the bulls to reach $12,000 and above. The RSI (14) is seen nose-diving from the overbought region which shows that more bearish signals may play out.

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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.