Bitcoin (BTC) Price Prediction – October 8
Bitcoin is seen surging higher after weeks of consolidation as the cryptocurrency is currently trading around $11,301 resistance level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $11,800, $12,000, $12,200
Support Levels: $10,600, $10,400, $10,200
BTC/USD has been able to surpass $11,200 as the coin is seen trading above the 9-day and 21-day moving averages. Now, the next important target is going to be at around $12,000, where Bitcoin has usually experienced heavy resistance from sellers. Thus, the Bitcoin (BTC) touches the daily high of $11,498 as the market opens today and it seems to be gaining some stability according to the daily chart.
Will BTC Break Through Resistance Level $11,500 or Reverse?
Bitcoin (BTC) is now being traded around $11,301 and it has a market valuation of $209 billion. After several weeks of being traded between $10,000 and $11,000, Bitcoin has been able to clearly break above $11,000 and reach a price per coin of $11,494. The main question is whether it will be able to surpass $12,000 where it may usually find large resistance. Traders are now waiting for a continuation of the bull trend that would help Bitcoin reach new highs.
Moreover, for Bitcoin to would have reached $11,000, this could be the beginning of a new bull run in the crypto space in as much as the 9-day MA stays above the 21-day MA. More so, as the RSI (14) is soaring above the 60-level, BTC/USD may soon hit the potential resistance levels at $11,800, $12,000, and $12,200 while sliding below the moving averages could drag the price to the critical support levels of $10,600, $10,400, and $10,200 respectively.
BTC/USD Medium-term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, BTC/USD is seen retreating after touching the daily high at $11,498. Today’s price move happens to be the most impressive one as it keeps climbing above the moving averages with a sharp surge. However, BTC/USD is now maintaining its bull-run above $11,300 as the RSI (14) moves into the overbought region.
In other words, BTC/USD may likely take a downward move if the bulls failed to push more. However, the coin could breach the nearest support at $11,200 to reach the support level of$11,100 and below. More so, if bulls find a decent support around $11,000, the bulls may continue its uptrend by crossing above the channel to hit another resistance at $11,600 and above.