Bitcoin Price Prediction – October 11th

Bitcoin price prediction is focused on the upside as the king coin rebounds above the $ 56,000 resistance level.

BTC / USD long-term trend: up (daily chart)

Key levels:

Resistance Levels: $ 60,000, $ 62,000, $ 64,000

Support Levels: $ 51,000, $ 49,000, $ 47,000

BTCUSD – daily chart

BTC / USD is currently trading 3.36% higher as the market opens the session at $ 54,683 and now adjusts to the prevailing market value of $ 57,054. The first digital coin moves within the short-term uptrend with low volatility. The current conditions imply that if the coin moves above the 9-day and 21-day moving averages, the coin can increase its movement during the next trading hours. In the meantime, the technical indicator Relative Strength Index (14) could break into overbought territory.

Bitcoin Price Prediction: BTC Price Could Hit $ 60,000 Soon

As the market opens today, after testing the low of $ 54,411, Bitcoin is currently trading at $ 56,530. Given the market movement, it is likely that the market will experience a quick retracement or sell-off shortly after hitting the all-important $ 57,000, and traders could see $ 56,000-55,500 retested before pushing up .

On the flip side, if the market decides to decline, the price of Bitcoin could fall below the 9-day moving average of $ 57,000 on the channel for it to hit the support levels of $ 51,000, $ 49,000 and critical $ 47,000. Even so, any further bullish move towards the top of the channel can locate resistance levels at $ 60,000, $ 62,000, and $ 64,000.

BTC / USD mean – maturity trend: ranging (4H chart)

On the 4 hour chart, we expect the coin to gain the lost momentum and trade above USD 57,000. However, with volatility fluctuating, selling pressure could still linger, which could prevent the coin from crossing the upper bound of the channel. Meanwhile, the $ 54,500 and below could come into play if BTC breaks below the channel’s lower bound.

BTCUSD – 4 hour chart

However, insofar as buyers can still strengthen and propel the market, traders can expect a retest at the $ 57,000 resistance level, and breaking above that level could allow the bulls to continue to hit the $ 59,000 resistance level and above. In addition, the technical indicator Relative Strength Index (14) is trading below the 70 level.

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