Bitcoin Price Prediction – October 13
The Bitcoin price prediction gains 1.87% as bulls keep working hard to nurture a bullish trend above the moving averages.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $62,000, $64,000, $66,000
Support Levels: $50,000, $48,000, $46,000
BTC/USD is currently trading at the $57,050 resistance level. The market price is trading above the 9-day and 21-day moving averages, indicating an upward movement in cryptocurrency. For the past few days, the Bitcoin price has been towards the north and in the context of the Bitcoin exchange rate forecast; an upward trend towards $60,000 is expected.
After a successful break above $57,000, the Bitcoin price extended its recovery to touch the daily high at $57,489. However, the next key resistance is near $58,000, above which the price might test $60,000. Meanwhile, on the downside, the $55,000 level is decent support to keep the Bitcoin price above the 9-day moving average. However, the main breakdown support may be forming near the $56,000 level.
Moreover, the Bitcoin price rises to a resistance level of $57,000 while the technical indicator Relative Strength Index (14) is considering the way above 70-level. Looking at the market movement, there is likely that it may experience a quick retracement and traders may see the resistance levels of $62,000, $64,000, and $66,000. On the downside, the Bitcoin price could fall below the 9-day moving average at $52,000, and if that support fails to hold the sell-off, BTC/USD could see a further decline towards the support levels of $50,000, $48,000, and $46,000.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
On the 4-hour chart, traders expect the coin to gain more momentum and trade above $57,000. On the contrary, if the selling pressure bring the coin below the 9-day and 21-day moving averages, the $55,000 and below may come into play.
However, if the buyers keep the price above the 9-day and 21-day moving averages, traders may expect a strong bullish movement that could hit the resistance at $60,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is facing down, suggesting that a bearish signal may come to focus.
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