Bitcoin (BTC) Price Prediction – October 31
BTC/USD is up by more than 1.77% as the price struck a sudden and bullish price spike above the $14,000 resistance level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $14,400, $14,600, $14,800
Support Levels: $12,800, $12,600, $12,400
The daily chart reveals that BTC/USD is flexing muscles above the critical resistance level. The coin moves above $14,000 to touch the daily high of $14,098 but now trading at $13,811 at the time of writing. The king coin is moving with strong bullish momentum after a sustainable break above an important technical level.
Where is BTC Price Going Next?
According to the daily chart, the return above $13,800 could set the framework for gains towards $14,200. Meanwhile, the technical analysis shows that the bulls are ready for action especially when the up-trending RSI (14) is considered. Any further bullish movement above the upper boundary of the channel could pave the way for the gains above $14,300. Other resistance levels may be located at $14,400, $14,600, and 14,800.
Looking at the downside, if the price falls back below the $13,000 level and move to cross below the 9-day moving average, the bears may wrestle out the control over the situation very quickly. This may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. The next important support may come at $12,900 while others are located at $12,800, $12,600, and $12,400 support levels.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the price of Bitcoin (BTC) is currently trading around $13,839 and above the 9-day and 21-day moving averages. However, the 4-hour chart shows that the bullish supply is still very strong in the market while the bears are also trying to bring the price down.
Moreover, if the buyers could energize the market more, they can further push the price above the $14,100 resistance level. Therefore, breaking the mentioned resistance may likely allow the bulls to hit another resistance at $14,200 and above. In other words, the RSI (14) is currently moving above the 60-level, but when it turns below this level; the market price may drop to the support level of $13,500 and below.