The king of cryptocurrency has been following a falling wedge towards the $11000 mark for the past few hours. Following the latest Bitcoin price prediction analyses. BTC price fell below the $11300 mark more than once in the past few hours, and the lowest point was observed at the $11282 mark. The price dipped twice to the $11280 in the past few hours, marking strong support at the same point.
At the time of writing, Bitcoin’s price is moving in a possible reverse head and shoulder pattern. The key head and shoulder indicators, the two identical dips, are forming the head. Shall the pattern complete Bitcoin price is likely to move towards the $11,500 mark and on to new horizons if it finds support there. At the time of writing, Bitcoin price stands at the $11390 mark after a flash rise from $11281 to $11390.
Cryptocurrency analysis firm and Trading View contributor FXCM explains the same Bitcoin price prediction in their latest analysis chart. FXCM explains that the king of cryptocurrency is going to retrace to the $11269 mark. The real movement however found support at a point little higher than the expected outcome.
FXCM finds support at the $11268 mark, below that, at the $11093 mark and further below that at the $11088 mark.
Another crypto analysis firm and Trading View contributor, Unity Trading Group, explains the fake swell in their price prediction. The group explains that the cryptocurrency is likely to hit the $10576 mark. However, the price action explained in this analysis has not played out until now and seems very unlikely to unfold.
The group explains that the cryptocurrency has been trading in the over bought zones, therefore the demand and supply gap created by the situation is likely to bring the prices down.
The king of cryptocurrency was expected to rise towards the $11500 mark, but given the Bitcoin FoMo, the demand and supply gap has been increasing from time to time. This gap creates a fake swell in the market every now and then, one of such swells is also evident on the first chart (see above).
Until a few hours ago, some of the Trading View analysts such as Solldy were expecting a rise, but that price action never played out owing to the price correction action currently in play. Traders’ best bet is the reverse head and shoulder pattern playing out as we write these lines. However, the $11,500 mark has been serving as a very strong resistance since the 10th of October.
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.
This post was last modified on October 15, 2020 2:44 pm
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