9. Oktober 2020 Von admin Aus

Bitcoin (BTC) Update: is price resistance going to break at $11,000 or not?

By CryptoTargets – On the 4-hour chart, the Bitcoin (BTC) course makes a clear 4th high. However, it is a so-called lower high as it is called. Is there a drop coming?

Bitcoin (BTC) 4-hour chart

Last night at 02:00 Bitcoin Trader made its last high. Yesterday’s analysis shows that Bitcoin would probably make a retrace at level 0.382 of the fibonacci retracement indicator.

This has now happened and Bitcoin shows a lower high at the same time.

The lower high gives us a second confirmation for a possible further decrease. In the short term we still maintain $10.400 at level 0.236 of the fibonacci indicator as our target.

Bitcoin (BTC) 15-minute chart

In the shorter term, we see that Bitcoin is just holding up in the upward channel after the 4th lower high.

The price is now moving sideways on the support level of the channel and it looks like we will soon break out of this.

Should the price get another bounce in on this upward support line? Then right above that there is a small resistance at $10,750.

Will we break out of the channel? Then that’s another confirmation for a further decline.

Bitcoin (BTC) day graph

The Bitcoin daily chart shows that the price is even higher lows. But what is striking is that the last lows are all just above each other. The closer the lows are to each other, the greater the chance of a retrace.

What do we want to see for a bullish scenario? For a bullish scenario we want to see the price rise over the last high of the last low. You can see this at the last green arrow. This rises over the last high and therefore also over the resistance at $11,150.

Isn’t this scenario going to play out in the near future? Then I remain bearish until the next bullish confirmation.

Conclusion

As we speak, Bitcoin moves at the edge of a channel (15-minute chart). If Bitcoin breaks this, we can continue the drop on the larger image. For a bullish scenario, the price should rise over $11,150.
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