BTC Analysts believe that a short-term upside for the number one cryptocurrency is possible as it consolidated around $10,700. The coin surged higher along with a positive open in the legacy markets and the price of the coin is now hovering above $10,900 which is the highest one in a week as we reported in the bitcoin price news earlier.
BTC Analysts believe that Bitcoin could have some more room to grow to the upside as it recaptures resistances in the $10,000 region. During the move higher, millions were liquidated across margin platforms which suggests that there are traders that are in a good position before the open of legacy markets. Analysts believe that Bitcoin will extend higher in the close term. One analyst even shared a chart below showing the importance of the ongoing move higher.
1W $BTCMACD OPENS RED FOR THE FIRST TIME SINCE APRIL 20th…DEVELOPING… pic.twitter.com/ME9wGtyoCn— Josh Olszewicz (@CarpeNoctom) September 28, 2020
MACD OPENS RED FOR THE FIRST TIME SINCE APRIL 20th
— Josh Olszewicz (@CarpeNoctom) September 28, 2020
Bitcoin is breaking higher now as the charts suggest which means that it will soon go to test the resistance levels of $11,200 and $11,400 where the cryptocurrency crashed a few times during the bearish retracements in August. The chart noted that after the rally towards this level it could return to levels of $10,600 which is in line with the sentiment shared by other analysts that BTC is in a period of a market cycle where it will consolidate more for weeks instead of establishing a firm direction. Bitcoin’s medium-term however could be bleak.
Josh Olszewicz, an analyst at Brave New Coin, reported that the weekly MACD for the number cryptocurrency is red for the first time since April which only suggests that the medium-term sentiment could be bearish despite the recent price action to the upside. The correction in the medium-term will alight with the normal uncertainty that markets see in a time of presidential elections along with the seasonal weakness that is usually seen in November and October.
Bitcoin stayed above the $10,000 as we reported a day ago in our Bitcoin news, that support and started a decent recovery wave but the price is trading still above the $10,550 resistance and the 100 simple moving average. There was also a key bearish trend line broken with the resistance at $10,600 on the 4-hour charts of the pair. The pair will likely continue higher if there’s a clear break above $10,800. Over the past week, BTC found support above the $10,100 level against the US dollar and remained well bid above the $10,200 level when it started a steady recovery wave.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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