• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Bitcoin mining chips

    Bitcoin mining chips scarcity: Samsung planning to Bankroll chip making plant

    Bitcoin whale Bitcoin US Senator Circle CEO Bitcoin adoption BitMEX Mobile app Max Keiser Bank Crisis Bitcoin price Nasdaq listed MicroStrategy

    Bitcoin whale MicroStrategy invests more in Bitcoin during dip

    Polkadot price

    Polkadot price prediction: DOT to rise to $20.00

    Litecoin price prediction

    Litecoin price prediction: LTC rebounds after failing to reach $120

    Bitcoin mining

    Bitcoin Miners in China hit with dearth of chips

    Ripple Price Prediction 22.01.

    Ripple price prediction: XRP rejecting further upside at $0.31

    Ethereum price

    Ethereum price prediction: ETH to retest $1,400 resistance

    UK police appoint Komainu to custody seized cryptos

    UK police appoint Komainu to custody seized cryptos

    Bitcoin Price Prediction

    Bitcoin price prediction: BTC/USD tested $30k support before moving higher

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Bitcoin mining chips

    Bitcoin mining chips scarcity: Samsung planning to Bankroll chip making plant

    Bitcoin whale Bitcoin US Senator Circle CEO Bitcoin adoption BitMEX Mobile app Max Keiser Bank Crisis Bitcoin price Nasdaq listed MicroStrategy

    Bitcoin whale MicroStrategy invests more in Bitcoin during dip

    Polkadot price

    Polkadot price prediction: DOT to rise to $20.00

    Litecoin price prediction

    Litecoin price prediction: LTC rebounds after failing to reach $120

    Bitcoin mining

    Bitcoin Miners in China hit with dearth of chips

    Ripple Price Prediction 22.01.

    Ripple price prediction: XRP rejecting further upside at $0.31

    Ethereum price

    Ethereum price prediction: ETH to retest $1,400 resistance

    UK police appoint Komainu to custody seized cryptos

    UK police appoint Komainu to custody seized cryptos

    Bitcoin Price Prediction

    Bitcoin price prediction: BTC/USD tested $30k support before moving higher

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Bitcoin News

Bitcoin price prediction: Bulls struggle to break beyond $11,600

Gurpreet Thind by Gurpreet Thind
October 18, 2020
in Bitcoin News
4 min read
Bitcoin price prediction - Bulls struggle to break beyond $11,600
586
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

TLDR Digest:

  • The Belfast government is planning to auction about 47 Bitcoins and other luxury items online.
  • They were seized by law enforcement officers across the United Kingdom.
Bitcoin price prediction: Bulls struggle to break beyond $11,600 1
Cryptocurrency heatmap by Coin360

Bitcoin price prediction – BTC moving in a bearish wedge pattern

The last week saw Bitcoin price jump above $11,500 on the back of strong fundamentals and bullish buying. As the price crossed 100-day SMA, the BTC/USD pair quickly rose to prominence and touched $11,700 within a span of one week. After a few days of horizontal movement, the Bitcoin price is now firmly rejected by crucial resistance at $11,550.

The price hovers around $11,350, and it seems that bulls have given up the fight as is evident from low volume and liquidity. A bearish pattern has emerged on the hourly charts since the larger timeframe 100-day SMA has now gone below the 50-day SMA. In case the bears take over, Bitcoin price prediction can turn lower towards $10,850 support level.

Earlier, the price range between $10,800 to $10,600 has supported the pair well. Bulls and institutional demand remains high in this range. A severe blow by the bears can also take the price further lower towards $9,700 where 200-day SMA awaits the pair.

RelatedPosts

Bitcoin mining chips scarcity: Samsung planning to Bankroll chip making plant

Bitcoin whale MicroStrategy invests more in Bitcoin during dip

Bitcoin Miners in China hit with dearth of chips

Bitcoin price prediction: BTC/USD tested $30k support before moving higher

Bitcoin price movement in last 4-hours – Bulls holding on to minor gains

Bitcoin price prediction: Bulls struggle to break beyond $11,600 2
Bitcoin price chart by TradingView

Bitcoin price currently trades around $10,350 mark. Bitcoin price prediction remains stuck in a tight range between $11,550 and $11,200. Whales have turned bearish as huge BTC are being dumped at higher levels. This may be due to profit-booking by BTC whales.

So, can the bulls come to the rescue? Speaking of the hourly timeframe, the bulls have to maintain the pressure to break beyond $11,600 resistance. Further ahead, there’s moderate resistance to stop the price from moving towards the all-important $12,000 resistance mark. On the hourly front, the bulls must close the day above $11,350 to maintain upward momentum for the Bitcoin price prediction.

BTC/USD 4-hour chart – All eyes on $10,825 support line

The support levels must be watched with utmost interest in the next few hours. The bears would have to bring the price under $10,825 level to make a substantial dent over the weekend. To achieve this, the 50-day SMA must be crossed, and from there, the price can quickly move under $10,500. If bulls can act strongly on these two walls, the selling pressure will fizzle out in a few hours turning Bitcoin price prediction positive.

Smaller hourly timeframes paint a bullish Bitcoin price prediction. Here, the charts are oversold, and $11,200 support is giving crucial support to the BTC/USD pair. The reflex recovery is so far holding well for the crypto king. The bulls must treat $11,000 as a crucial support level in the 4-hour chart.

On the technical side, the RSI is slightly oversold but still has room to go further. Continued bearish action can bring RSI in the negative fold, and price can quickly rebound to $11,500 highs in the next few sessions. However, if the wedge pattern persists longer on the hourly charts, it can spell more selling pressure. The 50-day SMA is doing a good job of absorbing excess bearish moves.

Bitcoin price prediction – BTC/USD pair again stuck in a bearish range

The symmetrical triangle pattern has started to emerge again on the BTC/USD charts. In case bulls are not able to break above $11,600 range, the pattern will materialize, and bears will be in full charge. The bearish divergence remains strong at $11,600 where selling can re-emerge in a false bullish move.

The RSI indicator is forming lower highs reflecting the declining strength of the buyers. Any loss in sustained buying at lower price levels can wreak havoc for the bulls over the weekend. Meanwhile, MACD is also turning stagnant while the moving averages are in a horizontal direction.

Disclaimer – The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Tags: cryptocurrency tradingcryptomarket
Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related Posts

Bitcoin mining chips
Bitcoin News

Bitcoin mining chips scarcity: Samsung planning to Bankroll chip making plant

January 22, 2021
Bitcoin whale Bitcoin US Senator Circle CEO Bitcoin adoption BitMEX Mobile app Max Keiser Bank Crisis Bitcoin price Nasdaq listed MicroStrategy
Bitcoin News

Bitcoin whale MicroStrategy invests more in Bitcoin during dip

January 22, 2021
Bitcoin mining
Bitcoin News

Bitcoin Miners in China hit with dearth of chips

January 22, 2021

Follow Us

  • 40.6k Fans
  • 8.3k Followers

Latest News

3 Great Places to Buy Bitcoin In 2021 3

3 Great Places to Buy Bitcoin In 2021

January 23, 2021
Bitcoin mining chips

Bitcoin mining chips scarcity: Samsung planning to Bankroll chip making plant

January 22, 2021
Bitcoin whale Bitcoin US Senator Circle CEO Bitcoin adoption BitMEX Mobile app Max Keiser Bank Crisis Bitcoin price Nasdaq listed MicroStrategy

Bitcoin whale MicroStrategy invests more in Bitcoin during dip

January 22, 2021
Polkadot price

Polkadot price prediction: DOT to rise to $20.00

January 22, 2021
Litecoin price prediction

Litecoin price prediction: LTC rebounds after failing to reach $120

January 22, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Exclusive Partners of

Footer 4

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.