Bitcoin Price Prediction – October 20
The Bitcoin price prediction shows that BTC could trade close to $65,000 resistance level but there may be a little retreat before going higher again.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $68,000, $70,000, $72,000
Support Levels: $58,000, $56,000, $54,000
BTC/USD is correcting gains from $64,000 and it is likely to start a new increase as long as there is no close below $63,000. During the European session today, the Bitcoin price begins a steady increase above the $64,000 resistance level as the coin hovers at $64,398. Presently, BTC/USD is struggling to cross above the upper boundary of the channel.
Bitcoin Price Prediction: BTC Price May Still Retakes $64,000
The Bitcoin price is seen retracing and trading above the within moving averages and the market price stays under the daily high of $64,398 resistance as a sign of bullish momentum. Further increase in the bullish momentum may have to increase the price above this level; another resistance may come at $66,000 before reaching the potential resistance of $68,000, $70,000, and $72,000 levels.
However, if the resistance level of $64,000 failed to hold, it may reverse and face the support level at $62,000; further increase in the bears’ pressure may push down the price below the 9-day moving average and possibly hit the critical supports at $58,000, $56,000, and $54,000. Meanwhile, the technical indicator Relative Strength Index (14) signal line is moving within the overbought region, crossing below it may ignite sell signals into the market.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
According to the 4-hour chart, the Bitcoin price spike above the 9-day and 21-day moving averages to trade at $66,999 daily high. At the time of writing, BTC/USD is trading at a $66,703 resistance level but any bearish cross below the 9-day moving average may bring it low to hit the support at $62,000 and below.
In the meantime, if Bitcoin finds a decent resistance level around $67,000 level, it may start another bullish movement above the upper boundary of the channel which could touch the resistance level of $70,000 and above. In addition, the technical indicator Relative Strength Index (14) is seen crossing into the overbought region, suggesting additional bullish signals into the market.
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