Bitcoin Pushes to $11,000 Resistance, May Face a Sharp Decline

Bitcoin bulls have made positive moves after the coin rebounded above $10,200 support. Earlier on, BTC has been stable above $10,200 before the eventual rebound.

Yesterday, the coin had an impressive bullish run to a high of $10,944. Unfortunately, buyers could not sustain the bullish run as they faced selling pressure at the $11,000 resistance zone. Today, after a minor retracement, BTC is trading above $10,800 at the time of writing. 

Buyers have sufficiently broken the $10,800 resistance as they target the $11,000 high. For the crypto to resume upside momentum, buyers must clear the resistances at $10,800 and $11,000. Perhaps, a strong bounce above the current support will propel price to break the $11,000 resistance. Expectantly, the market will rally above $11,200, once the resistances are cleared. In the meantime, buyers are in control of price above $10,800 support.

Bitcoin indicator reading

The current uptrend is likely to continue as price breaks and closes above the resistance line of the descending channel. The price is also close to breaking the 26-day EMA. A break above the EMAs will accelerate price movement on the upside. BTC is now in a bullish momentum as the coin is above the 40% range of the daily stochastic. An upward movement of the coin is expected.

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?

Bitcoin is expected to rise but faces resistance at $10,800 and $11,000. On September 15 uptrend, BTC reached a high of $10,944 but was resisted. The last retraced candle body tested the 50% Fibonacci retracement level. It indicates that the market will rise and reach the 2.0 Fibonacci extension level or above $11,200. This is possible once the resistance is cleared.

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.