Bitcoin Price Prediction – October 16
The Bitcoin price prediction reveals that BTC is showing signs of market correction as its price moves below $61,000 to touch the low of $60,476.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $68,000, $70,000, $72,000
Support Levels: $55,000, $53,000, $51,000
BTC/USD is currently trading below the $61,000 level as the price faces the 9-day moving average. Meanwhile, the slight bearish movement could be coming to play out according to the technical indicator which indicates that the king coin might likely drop a little bit before climbing above the upper boundary of the channel again.
Bitcoin Price Prediction: Would Bitcoin (BTC) Still Retain the Higher Ground?
At the time of writing, the Bitcoin price is changing hands at $60,963, which marks a significant rally below the channel. However, where BTC trends next may depend on whether or not sellers can close today’s candle below the $61,000 level. Meanwhile, should in case this comes to play, the bears may definitely drag the prices lower. Looking at the daily chart, traders may expect the king coin to fall below $60,000 support which could later move towards the critical support levels at $55,000, $53,000, and $51,000.
On the contrary, if the Bitcoin price failed to close below the $61,000 level; the price may remain above the 9-day moving average and crossing above the upper boundary of the channel could send the price to the resistance levels of $68,000, $70,000, and $72,000. More so, the technical indicator Relative Strength Index (14) recently reveals a sign of trend reversal, which shows a possible bearish momentum in the market soon.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
On the 4-hour chart, BTC/USD is currently trading around $60,745 below the 9-day moving average after touching the high of $61,048 as the Bitcoin price is now hovering below 9-day moving average.
However, if the buyers energize the market, they can push the price above the 9-day moving average which could take the market price towards the resistance level of $63,500 and above. Meanwhile, the Relative Strength Index (14) is currently moving below 65- and any bearish movement to the south may bring the price to the support level of $58,500 and below.
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