Bitcoin Price Prediction: BTC/USD Bulls Conquers $56,000
Bitcoin Price Prediction – October 11
The Bitcoin price prediction focuses at the upside as the king coin rallies above the resistance level of $56,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $60,000, $62,000, $64,000
Support Levels: $51,000, $49,000, $47,000
BTC/USD is currently trading at 3.36% higher on the day as the market opens the session at $54,683 and now adjusting upwards to the prevailing market value of $57,054. The first digital coin is moving within the short-term bullish trend amid low volatility. The current conditions imply that the coin may increase their movement during the next trading hours as the coin moves above 9-day and 21-day moving averages. Meanwhile, the technical indicator Relative Strength Index (14) may cross into the overbought region.
Bitcoin Price Prediction: BTC Price May Soon Reach $60,000
At the opening of the market today, after testing the low of $54,411, the Bitcoin price is currently trading at $56,530. 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 $57,000, and traders may see $56,000 to $55,500 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 at $57,000, and if that support fails to hold the sell-off, traders could see a further decline towards the lower boundary of the channel for it to hit the support levels of $51,000, $49,000 and critically $47,000. All the same, any further bullish movement towards the upper boundary of the channel may locate the resistance levels at $60,000, $62,000, and $64,000.
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 $57,000. However, as the volatility hovers, the selling pressure could still exist which may lead the coin not to be able to cross above the upper boundary of the channel. Meanwhile, the $54,500 and below may come into play if BTC breaks below lower boundary of the channel.
However, in as much as the buyers can still reinforce and power the market, traders may expect a retest at $57,000 resistance level, and breaking above this level may further allow the bulls to reach the resistance level of $59,000 and above. More so, the technical indicator Relative Strength Index (14) is seen trading below 70-level.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider