Bitcoin Price Prediction: BTC/USD Retests $14,055 High but Fails to Sustain Upside Momentum

Bitcoin (BTC) Price Prediction – October 31, 2020
Today, Bitcoin reached a high of $14,055 for the first time since 2018. BTC faces rejection at the recent high as price slumps below the $13,800 support. It is unclear if the selling pressure will continue.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Following the rejection at the $14,000 resistance, BTC/USD has retraced back to the $13,060 and $13,800 price range. Bitcoin has moved up above the $13,800 support to retest the $14,000 resistance. On the upside, a strong bounce above the current support will break the $14,000 resistance convincingly. Moreso, if the price momentum is sustained above the resistance. In the previous breakout, the price momentum was not sustained as the bears push back prices on the downside. Buyers are making another push to the $14,000 resistance. On the upside, a breakout above $14,000 resistance, will enable BTC to continue the upside momentum. However, if BTC is repelled, the coin might fall back to the previous range-bound zone.

Bitcoin (BTC) Indicator Reading
BTC price is above the 80% range of the daily stochastic. The coin is in a strong bullish momentum. It is also in the overbought region of the market. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has made impressive as it hits the $14,000 resistance. The Fibonacci tool analysis has indicated a further rise of the coin. On October 28 uptrend, the retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will rise to a level of 2.618 Fibonacci extensions. That is the high of $15,544.40.

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