Bitcoin Price Prediction – October 13
The Bitcoin price retested the $54,236 support level before facing the nearest resistance level of $56,000, but the coin must stay above $57,000 for a steady increase.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $62,000, $64,000, $66,000
Support Levels: $50,000, $48,000, $46,000
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BTC/USD is currently recovering from the $54,236 support zone as the Bitcoin price needs to cross above the upper boundary of the channel to keep the uptrend intact. The daily chart reveals that traders could see that the king coin is yet to be stable above the 9-day MA and this could mean that the Bitcoin price may still drop to retest the $54,000 support.
Bitcoin Price Prediction: Would Bitcoin Price Stay Higher?
As seen on the daily chart, the Bitcoin price is moving closer to the channel as the coin aims for more gains. In the meantime, traders could see that the Bitcoin price has continued to converge above the key level of $57,000 as the technical indicator Relative Strength Index (14) could move back into the overbought region in an attempt to probably cross back to the north. That signals that the return of a bullish uptrend may come to play within the market.
Moreover, the first major resistance is near the $58,000 level, therefore, a clear break above this level could set the pace for a larger increase to $62,000, $64,000, and $66,000 resistance levels. On the contrary, if the Bitcoin price fails to clear the $57,000 resistance, it could begin a new decline as the initial support on the downside is near the $54,000 level. If there is a downside break below the $53,000 support and $51,000, the price could see a sharp decline towards the support levels of $50,000, $48,000, and $47,000 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
The 4-hour chart for BTC shows that the coin is following a bullish movement. Therefore, as the 4-chart reveals, the Bitcoin price is currently crossing above the 9-day and 21-day moving averages to continue the upward movement. In other words, any bearish movement below the moving averages could meet the key support level at $53,500 and below.
However, considering the recent sharp rebound, the Bitcoin price may move back above the $57,500 resistance. A climb above the mentioned resistance may further push the BTC price to the resistance level of $60,000 and above. As it appeared now, it seems the bulls may continue to push the coin upward as the Relative Strength Index (14) moves to cross above 60-level.
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