Bitcoin (BTC) Price Prediction – October 19, 2020
BTC/USD price rallied above $11,500 resistance to reach $11,800 high. The king coin reaches striking distance below the $12,000 overhead resistance. The coin intends to make brief consolidation before resuming the upside momentum
Resistance Levels: $10,000, $11,000, $12,000
Support Levels: $7,000, $6,000, $5,000
Since October 13, Buyers have been making concerted efforts to break the resistance at $11,500. On the 1-hour chart, the $11,500 resistance was tested on five occasions. The several retests contributed to weakening the resistance. This makes the breakout to be powerful. The recent rally was interrupted at the $11,800 high. The bulls could not break the recent resistance as the price was compelled to a sideways move below $11,800.
This is an advantage to the bulls as a strong bounce below the $11,800 will break the resistance and retest the $12,000 overhead resistance. … Read more