Bitcoin Price Retraces to Range Bound Zone, Upside Momentum Doubtful

Bitcoin (BTC) price analysis, September 30, 2020. Bitcoin resumes a downward move after failing to sustain the recent uptrend above $10,880. The resistance at $10,880 has been the major obstacle to BTC upward move.

Bitcoin Price Long-Term Prediction: Bullish

Buyers fail to break the recent high convincingly as the momentum dries up soon after the breakout. Consequently, BTC price has fallen and it is trading at $10,735 at the time of writing. The recent retracement is likely to find support in the current range between $10,660 and $10,880. 

Nonetheless, Bitcoin risks further decline if the bears break below $10,660 support. Conversely, Bitcoin has more possibilities and opportunities if the $10,880 resistance is breached. For example, the momentum is likely to propel price to break the resistances from $11,000 to $11,300. Once these resistances are cleared, the retesting or breaking the $12,000 and $12,400 overhead resistance becomes possible. 

Meanwhile, BTC has fallen into the previous range of $10,660 and $10,880.

Bitcoin Indicator Reading

As the BTC price is above the EMAs, there is a possibility of a further upward move. Besides, the crypto is above 50% range of the daily stochastic. It indicates that the coin is in a bullish momentum. Presently, the 12-day and 26-day EMAs are sloping horizontally indicating that Bitcoin is fluctuating in a range.

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 present uptrend has been terminated as price falls into the range-bound zone. The price tussle has resumed in the range between the bears and the bulls. The direction of the BTC price will be determined by these market forces. If the bears break the current support at $10.660, the coin will further depreciate to the downside. The Fibonacci tool analysis will hold once the $10,000 or $9,800 support is breached. In that case, the BTC price will reach a low of 1.272 extension or $9,268.10 low.

Disclaimer. This analysis and forecast are the personal opinions of the author 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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