Bitcoin Price Analysis: BTC Facing The Ultimate Make Or Break Level Of $11,000

By John Isige
Published September 21, 2020 Updated September 21, 2020
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Bitcoin Price Analysis: BTC Facing The Ultimate Make Or Break Level Of $11,000

By John Isige
Published September 21, 2020 Updated September 21, 2020
  • Bitcoin price is pivotal between the 50-day SMA and $11,000, suggesting possibilities of consolidation taking over.
  • The impact of an ascending wedge is kept at by the 50-day support, breakdown back to $10,000 is still in the picture.

Bitcoin has spent the last three weeks trying to recover from the dip at the beginning of September. There was a break above $11,000 last week, but BTC hit a wall at $11,200, allowing bears to take back control. Since then, support has been established above $10,700. Unfortunately, resistance at $11,000 has stayed put.

Meanwhile, the flagship cryptocurrency is trading at $10,960 amid attempts to overcome the resistance at $11,000. BTC/USD is also trading at the tip of an ascending wedge pattern. If the hurdle at $11,000 is pushed into the rearview, there is a likelihood of Bitcoin soaring towards $12,000. However, if the rising wedge’s impact comes into play, BTC could embark on a gains-trimming exercise towards the support at $10,000.

Read more: Bitcoin Trading Volume on Bakkt Peaks Again as September Expiration Approaches

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The 50 Simple Moving Average (SMA) in the daily range is in line to offer initial support at $10,850. As long as Bitcoin holds above this level, the potential for gains above $11,000 will remain high in this week’s trading.

The Relative Strength Index (RSI) hints that the largest cryptocurrency is ready for consolidation by leveling marginally above 50. Moreover, the low trading volume means that BTC is less volatile at the moment. The reckoning level remains at $11,000, where Bitcoin can either kick start the journey to $12,000 or embark on a reversal to $10,000. Either way, it is essential to wait for a confirmed breakout before going all-in on BTC/USD.

Bitcoin Intraday Key Levels

Spot rate: $10,655

Relative change: 41

Percentage change: 0.39%

Trend: In consolidation (short term)

Volatility: Low

Read more: Bitcoin Price Analysis: BTC Eyes $12,000 If 50-day MA Flips Into Support

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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