Bitcoin Price Prediction – October 10
The Bitcoin price bounces off the support at $54,000 and added more than $500 to its current value.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $60,000, $62,000, $64,000
Support Levels: $50,000, $48,000, $56,000
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BTC/USD is currently trading around $55,711 with a 0.36% gain in the past 24-hour. According to the daily chart, since the beginning of today’s trading, the Bitcoin price fights to stay above the important level of $55,000. More so, for BTC/USD to remain above $54,000 for the past few days, it has made many traders feel that the $54,000 support level could be pretty strong.
Bitcoin Price Prediction: Bitcoin (BTC) May Prepare for another Breakout
The Bitcoin price touches the daily low of $56,074 today, if the number-one crypto breaks below $55,000 level, it could test the next support lines at $53,000. Alternatively, Bitcoin has to reclaim the first resistance at $56,000 to head upwards. If successful, the primary cryptocurrency could aim at $50,000, followed by $52,000, and $54,000 resistance levels.
However, looking at the technical indicator, the Relative Strength Index (14) keeps moving below 70-level, BTC/USD is not yet done with the upside. Despite the drop today, the Bitcoin (BTC) is looking for another avenue to reach the higher levels which means there may still be a room that could be explored by the bears before moving up.
If this happens, the critical supports at $50,000, $48,000, and $46,000 may play out. On the upside, recovery may not come easy. Therefore, traders must be aware that support will have to be sort for above $50,000 before facing the potential resistance at 50,000, $52,000, and $54,000.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
From a technical point of view, on the 4-hour chart, the technical indicator Relative Strength Index (14) keeps moving below the 65-level and this supports the option of some bullish correction. Meanwhile, adding to the above, there is a little bit of bullish divergence on the RSI (14) as the signal line may still face the north.
However, if the Bitcoin (BTC) keeps trading above the 9-day and 21-day moving averages, the market price may likely reach the resistance at $58,500 and above. On the contrary, if the current market value drops below the lower boundary of the channel, it may likely slide towards the support at $53,000 and below.
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