Bitcoin Price Prediction: BTC/USD May Break out as the Price Hovers Around $10,636 Author: Azeez Mustapha Last Updated: 24 September 2020 Bitcoin (BTC) Price Prediction – September 24 Bitcoin (BTC) price is trading nicely above the $10,500 and the coin must climb above the $11,000 resistance to continue higher. BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $11,000, $11,200, $11,400 Support Levels: $9,600, $9,400, $9,200 BTCUSD – Daily Chart BTC/USD starts trading with a downside movement as the coin touched $10,192 in the early hours of today, but later, BTC/USD market started improving, moving it out of the downside to the upside. However, within the first few days of this second month of the first quarter, BTC/USD has moved up from $10,192 to $10,737 and now changing hands at $10,636. Will BTC Break Through $11,000 Resistance Level or Reverse? BTC/USD is finding it difficult to climb higher above the $10,800 resistance as the coin is settling in a tight range around the 9-day and 21-day moving averages. Typically when the new uptrend movements are beginning to form, buyers may use the 21-day MA as the nearest support levels. But in as much as the orange-line of the 9-day MA is above the green-line of the 21-day MA, the market may likely follow the upward movement. However, if the market decides resume downtrend, Bitcoin’s price may drop to $10,000, and should this support fails to contain the sell-off, we may see a further drop to $9,600, $9,400, and critically $9,200. The resistance levels to watch are $11,000, $11,200, and $11,400 respectively. Meanwhile, the technical indicator RSI (14) is facing the north, suggesting additional bullish signals into the market. BTC/USD Medium – Term Trend: Bullish (4H Chart) Looking at the 4-hour chart, Bitcoin’s price is currently trading around $10,675 and above the 9-day and 21-day moving averages after a reversal from the low of $10,192 in today’s trading. Meanwhile, traders can notice that the bullish supply is coming up slowly into the market. BTCUSD – 4 Hour Chart However, if the buyers continue to strengthen and energize the market, they may push the price towards the resistance level of $10,800. Therefore, breaking the mentioned resistance may allow the bulls to test the potential resistance at $10,900 and above. Meanwhile, the RSI (14) is making an attempt to cross above the 60-level, but any bearish movement below the moving averages could drag the coin to the support level of $10,300 and below.
