Bitcoin Price Prediction – October 11
The Bitcoin price is trading near the resistance level of $58,000 as the recovery comes in bit by bit.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $62,000, $64,000, $66,000
Support Levels: $51,000, $49,000, $47,000
At the time of writing, BTC/USD is seen trading at $57,693 after soaring close to the resistance level of $58,000. The Bitcoin price may break above the upper boundary of the channel. Moreover, the first digital asset is also seen heading to the higher levels and could head downwards if the bears step back into the market.
Bitcoin Price Prediction: What to Expect from Bitcoin (BTC)
On the bullish side, it is important for bulls to remain above the 9-day and 21-day moving averages, otherwise, there may come a bearish breakdown if the Bitcoin price falls below the 9-day moving average. However, the bullish movement may continue to play out as the technical indicator Relative Strength Index (14) is sending moderate signs where an oscillation to the higher boundary may confirm the proper trend which is more likely a bullish trend at the time of the outcome.
However, BTC/USD will confirm the bullish trend if the market price crosses above the upper boundary of the channel. Meanwhile, the Bitcoin price may follow the bearish trend if the price moves below the 9-day moving average and also cross below the 21-day moving average. Should this happen, the king coin may drop to the critical supports of $51,000, $49,000, and $47,000. As the technical indicator Relative Strength Index (14) moves into the overbought region, a strong bullish spike may push the price towards the resistance levels of $62,000, $64,000, and $66,000.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
According to the 4-hour chart, the Bitcoin price is looking bullish as the market is following a bullish trend. However, the intraday trading is still looking bullish; following the recent rebound at $56,801 which is now a key support level. The next key support level could be at $55,000 and below.
However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $58,000 resistance. A climb above this level may further push BTC price to the resistance level of $60,000 and above. As it looks now, bears are likely to return into the market gradually as the technical indicator Relative Strength Index (14) moves below 70-level.
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