Bitcoin Price Prediction – October 20
The Bitcoin price is currently trading towards the upper boundary of the channel after the first digital asset recovers from the $63,525 low.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $72,000, $74,000, $76,000
Support Levels: $60,000, $58,000, $56,000
BTC/USD is currently holding above the $66,695 level as the coin prepares for another higher surge. Looking at the daily chart, the price of Bitcoin is now trying to maintain the bullish movement towards the upper boundary of the channel but may have a difficult time gaining momentum as the entire market’s uptrend stalls.
Bitcoin Price Prediction: Bitcoin Price May Break Out Towards $70,000
The Bitcoin price is currently trading at $66,695 with a 3.72% gain on the day and the trading is likely to break above the upper boundary of the channel as the Relative Strength Index technical indicator (14) remains firm within the overbought region. However, it is important to know that the bulls are catching up towards the positive side, as they would continue to focus on higher levels around $68,000. On the other hand, any drop below the 9-day moving average could pave the way to the south.
Meanwhile, the breakdown towards the support level of $65,000 is not out of sight yet as the losses of the past few days show that BTC/USD may not be technically ready for the breakdown below $66,000. Looking at the daily chart, Bitcoin (BTC) is likely to gain traction as the market price may move to the next level. Furthermore, any bullish movement above the upper boundary of the channel may lead the king coin to the resistance level of $72,000, $74,000, and $76,000, while the supports are located at $60,000, $58,000, and $56,000.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price remains above the 9-day and 21-day moving averages as the coin is yet to cross above the upper boundary of the channel. However, if the Bitcoin price moves further and crosses above the channel, it could reach the nearest resistance level of $70,500 and above.
On the contrary, if the bears step in and bring the coin below the 9-day and 21-day moving averages; it could hit the closest support at $63,500 and below. At the moment, the technical indicator Relative Strength Index (14) is seen moving within overbought region, indicating a bullish trend for the market.
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