Bitcoin price chart analysis: $10,000 support needs to hold
17:43, 28 September 2020
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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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.
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