Bitcoin Trades Marginally in Middle of Price Range

Oct 05, 2020 at 10:10 // News
Coin Idol
Bitcoin to retest the $12,000 and $12,400 overhead resistances

About 48 hours ago, BTC plunged to $10,391 low but later moved up to $10,703 at the time of writing. The constant rejections were as a result of buyers’ failure to break the $11,000 resistance.

The price tussle between buyers and sellers is ongoing within the price range. Bitcoin bulls are focusing on how to break the $11,000 resistance which will signal the upside momentum.

Perhaps, this will propel BTC price to retest the $12,000 and $12,400 overhead resistances. Sellers are also attempting to push BTC to the lower region of $9,000. This has been the market situation since September 16. As of today, the key levels of the market have remained unbroken. We expect the BTC price to be range-bound between $10,000 and $11,100 for a few more days. The price can break one of these key levels of the market as the king coin resumes its sideways move. It is unclear in which direction BTC will trend as it is in the middle of the price range.                                                                                    

Bitcoin indicator reading

BTC price has fallen below the EMAs which suggest that the coin will resume downward move. However, for the past one week price has been fluctuating below and above the EMAs. Presently, BTC is at level 49 of the Relative Strength Index period 14. It implies that there is a balance between supply and demand.


Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7,000, $6,000, $5,000 

What is the next direction for BTC/USD?

BTC is now fluctuating between the price range of $10,000 and $11,100. The Fibonacci analysis will hold if price breaks below the $10,000 support. For some time, BTC has not broken beyond $9,800 as the market has been recovering above $10,000 support. 


Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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