Bitcoin continues to trade slightly above $10,000 despite the significant rallies seen on Altcoins. Will BTC break upside soon?
September 18, 2019 | AtoZ Markets – This week, the Altcoins have moved significantly upside with Ripple leading the way. XRP has gained 15% in the last 48 hours to hit above 30 cents for the first time since early August. Bitcoin, on the other hand, has remained sideways, not dropping below 10,000 and not breaking above $10,500. BTC’s market dominance has now dropped to 67.3% from 70% recorded at the beginning of this week.
Bitcoin’s overall performance in September is currently at +6% from +14% recorded in the first week. The second week saw price collapsed to $9,800 before gaining about $500 to close the week at a net loss. The third week so far has not seen the kind of volatility one would have expected after what we saw in the previous two weeks. The current bullish drive was expected to continue to $11,000 or slightly above where a strong resistance zone waits. However, BTC is currently quiet this week but will be expected to join the Alts in a rally that could be contained within the larger $12,300-$9,100 range.
Bitcoin analysis: important price levels
Resistance levels: $11,000, $12,300, $13,100 and $13,900 remain the critical resistance levels before the $19,800 all-time high. Currently, the nearest intraday resistance level is at $10,500. Once this level is broken upside, BTC should hit $11,000 next.
Support Levels: 9,800, $9,300, $9,100 and $7,200. If the higher levels continue to hold, the BTC price will eventually break below the $9,300-9,100 support zone to expose it toward the $7,200-7,000 bearish target zone.
Bitcoin price prediction: Elliott wave analysis
From the long term Elliott wave perspective, BTC is making a 3-wave bearish correction from $13,900. However, it’s not yet clear whether the correction is already completed at $9,100 or the price will plummet further to $7,000. Meanwhile, in the last update, we looked at the short-term Elliott wave analysis with the chart below.
A break above $10,500 was expected, however, as the new chart below shows, Bitcoin has been sideways ever since.
Bitcoin could still hit above $11,000 if it breaks above $10,500. However, until $12,300 is breached upside, BTC might continue within the large triangle range for more weeks.