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Bitcoin price chart analysis: $10,000 support needs to hold

By Nathan Batchelor

17:43, 28 September 2020

Bitcoin price chart analysis

Bitcoin managed to hold above the $10,000 support zone last week, despite a wide-spread sell-off in the S&P 500 and gold.

Bitcoin price chart analysis shows that BTC/USD bulls still remain in control while the price trades above the psychological $10,000 level.

Bitcoin medium-term price trend

Bitcoin faces another pivotal trading week, as the number one cryptocurrency remains well-supported above the $10,000 level.

Bitcoin price technical analysis shows that the continued gains above the $10,500 level are required to encourage the next push higher in the cryptocurrency.

Technical analysis shows that price stabilisation above the $11,500 level is likely to encourage buying interest towards the BTC/USD pair’s 50-day moving average, around the $11,100 level.

The daily time frame shows that once above the $11,100 resistance zone, the BTC/USD pair could revisit the $11,700 and possibly the $12,000 levels.

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Oil - Crude

70.25 Price
-2.480% 1D Chg, %
Long position overnight fee 0.0060%
Short position overnight fee -0.0279%
Overnight fee time 22:00 (UTC)
Spread 0.030

XRP/USD

0.56 Price
-0.860% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

BTC/USD

77,025.00 Price
+1.420% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Gold

2,684.48 Price
-0.830% 1D Chg, %
Long position overnight fee -0.0170%
Short position overnight fee 0.0088%
Overnight fee time 22:00 (UTC)
Spread 0.30

Bitcoin short-term price trend

Bitcoin price technical analysis shows that short-term bulls remain in control while the price trades above the $10,450 level.

The four-hour time frame highlights that an inverted head-and-shoulders pattern will form if the price reaches the $11,200 level.

According to the size of the inverted head-and-shoulders pattern, the BTC/USD pair could rally towards the $12,100 area. 

To the downside, a loss of the $10,450 support area could result in a key technical test of the $10,200, and possibly the $10,000 level.

Bitcoin technical summary

Bitcoin technical analysis highlights that bulls need to hold the cryptocurrency above $10,700 level to keep the recent bullish momentum intact.

Markets in this article

BTC/USD
Bitcoin / USD
77025.00 USD
1075.7 +1.420%

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
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