Bitcoin has become volatile and indecisive but still holding the bullish bias above $10,000 area. Bitcoin climbed above $10,500 psychological area. Can it break recent highs? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
September 30, 2020, | AtoZ Markets – Bitcoin is currently trading around $10,700 area while pushing lower as well. After bouncing from $10,000 support level, BTC did strike higher and hit $11,000 resistance level. As per the current price action, Bitcoin may face strong support around $10,500 area in the coming days.
BTCUSD has been confronting some volatility throughout the recent days and weeks, with purchasers and sellers being not able to catalyze any obvious momentum in either way. Recently, bulls thundered when they sent the crypto climbing upside towards $10,800 area, yet the resistance simply over this value level eased back its climb, preventing BTC from testing $11,000 resistance level.
Bitcoin Climbed Above $10,000 as Bullish Bias Remains Intact
BTC is currently residing near $10,700 area and trying to push downside. After bouncing from $10,500 event area, the bulls pushed the price higher but failed to reach $11,000 area.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin climbed above and currently trading around $10,700 area. As per the current price action, if the price pushes further lower, the BTC may reach $10,500 area. So, if the price reaches $10,500 area and bounces higher with an impulsive bullish candle close, the bulls may regain momentum and recover higher towards $11,000 area in the days ahead. Alternatively, if the price breaks below $10,500 area with an impulsive 4-hour bearish candle close, the bears may sustain the bearish pressure towards $10,000 area in the process.
In addition, the dynamic level of 20 EMA is currently residing above the price, which may push the price further downside. Besides, the Bollinger Bands upper and middle bands are also currently residing above the price. It indicates that bears may decline towards Bollinger Band’s lower band in the coming days. So, if the price bounces from Bollinger Band’s lower band, the bulls may regain momentum.
BTC May Break Recent Resistance
According to the daily chart, Bitcoin climbed above as $10,000 psychological level worked well. As per the current price action, if the price pushes down and reaches $10,500 support area and bounced higher with an impulsive daily bullish candle close, the bulls may strike higher towards $11,000 area as a first target. The second target will be $12,500 area if the price breaks above $11,000 resistance in the coming days.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing near the price. To regain bullish momentum, the price needs to break above the dynamic level with a daily bullish candle close. Also, the MACD lines are currently residing below 0.00 level and had a bullish cross over. Besides, the histogram is gradually moving upward. Both indicate that the bulls may regain momentum in the days ahead.
To conclude, after an extended period of bearish momentum, BTC bulls bounced from $10,000 area and currently trying to hold the bullish bias above it. A daily close is required to identify the definite momentum in the coming days.