Bitcoin (BTC) Price Analysis: September 18, 2020
Bitcoin (BTC) is preparing to go further above $ 11,000, according to analysts. According to CoinMarketCap data, the leading crypto currency was trading at $ 10,980 at the time of writing.
After the bitcoin price rose above $ 11K, it experienced a minor correction but found support near the $ 10,750 zone against the US Dollar. BTC is currently soaring and looks set for another break above the $ 11k resistance.
Bitcoin is trading in a positive zone above the $ 10,650 and $ 10,750 support levels, according to analyst Aayush Jindal. The price is likely to break the $ 11K resistance as long as it is above the 100 hourly simple moving average.
There is a key bullish trend line formed with support near $ 10,880 on the hourly chart of the BTC / USD pair. The pair seems to be building a strong support base above the $ 10,750 level and the $ 10,550 zone.
Bitcoin Price Could Exceed 11 Thousand Dollars
Recently, we saw a downside correction in bitcoin price rising from $ 11,107 against the US Dollar. BTC corrected below the $ 10,900 level, but remained well above the 100 hourly simple moving average.
The price tested the $ 10,750 zone, where the bulls took a strong stance. There was a drop near the $ 10,751 level and the price is currently rising despite this. BTC is trading above $ 10,800 and $ 10,900. Resistance is now close to 10 thousand 980 and 11 thousand levels, according to Jindal. On the hourly chart of the BTC / USD pair, there appears to be an important bullish trend line formed with support around $ 10,880. As long as the price follows the trend line, there is a possibility of an upside break above the $ 11k resistance.
The next resistance is close to the $ 11,100 zone, with the price likely to rise to $ 11,400 and $ 11,500 in the near term.
BTC Levels to Drop
There are many key supports for Bitcoin occurring near the $ 10,800 and $ 10,750 levels. The 100-hour SMA is also close to the $ 10,750 zone. If there is a downside break below the $ 10,750 support and the 100 hourly SMA, the price could prolong the decline. The next major support for the bulls to appear is near the $ 10,550 level.
Analyst Denys Serhiichuk stated that the possibility of a decrease should not be ruled out. According to the analyst, the price left the downtrend channel on the four-hour chart; but the RSI indicator is testing the resistance line. Therefore, one should not exclude the attempt to decline to the $ 10,540 level with the next upward move. If the upside odds do not materialize, there will be a break at $ 9,505, indicating a break in the lower bound of the descending channel, causing a rapid decline in the asset’s value. As a rule, the decay of the downward channel is a very reliable signal for the further development of the bearish momentum.