Bitcoin Is Set for a Larger Uptrend as Market Shows Stability above $10,200 Support

Bitcoin has stabilized above $10,200 after the recent fall on September 8. On September 8, BTC dropped to $9,882 while the bulls bought the dips to push the coin upward.

The crypto is now fluctuating in a tight range between $10,200 and $10,600 for the past six days. On the upside, a strong bounce above the current support will propel price to break the $10,600 resistance. BTC will rise if buyers are successful above the resistance.

Besides, if the BTC/USD is pushed above $11, 000 support level, the king coin will have a greater chance of upside momentum. Meanwhile, buyers are still in control of prices as the coin approaches the $10,600 resistance. On the contrary, the crypto may face rejection at the current resistance. If it does, sellers may attempt to break the $10,200 support. Sellers’ success below $10,200 will invalidate the bullish scenario. Nonetheless, Bitcoin is trading and it is stable above $10,200.  

Bitcoin indicator reading 

The crypto is now in a descending channel. The market is likely to resume uptrend if the price breaks above the resistance line and it is sustained. The reverse will be the case if price breaks below the support line of the descending channel. BTC will fall and reach the targeted price of $9,400. The coin is still trading in the oversold region as buyers are yet to emerge.

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7,000, $6,000, $5,000

What is the next direction for BTC/USD?

The recent upward movement of the coin is a positive move. Bitcoin will resume uptrend if buyers clear the $10,600 resistance. Nevertheless, the sideways move may linger if buyers fail to breach the current resistance. Alternatively, if the bears break below $10,200, a retest or possible break of the psychological support is unavoidable. Perhaps, the market will reach the Fibonacci low of $9,400.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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