Bitcoin Price Prediction: BTC/USD Creeps Towards $10,600 Following Rejection at $10,847

Bitcoin (BTC) Price Prediction – September 30

The Bitcoin price is trading above $10,700 against USD and the coin is likely to climb steadily with a few downward moves.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $11,600, $11,800, $12,000

Support Levels: $10,000, $9,800, $9,600

It is safe to say that Bitcoin has been turbulent in recent days, after tight trading for a few weeks with relatively low volatility. A few days ago (September 24), the Bitcoin price rose sharply by moving above the resistance levels of $10,500 and $10,700 against the US dollar. At the moment, the price is declining and is moving close to the 9-day and 21-day moving averages at $10,755.

What is the Next Direction for Bitcoin?

A crucial uptrend could probably form if the coin remains above the moving averages, with support close to $10,500 on the daily chart. However, if the decline occurs below the moving averages, the price could extend its downward correction to the lower boundary of the channel and any other loss could possibly push the price of Bitcoin to the support level of $10,200.

More so, a further sell may cause the market to reach the critical supports at $10,000, $9,800, and $9,600. In other words, if the market were to rebound, traders could see the next buying pressure towards the resistance levels of $11,600, $11,800 and $12,000 with the technical indicator RSI (14) remains below average.

BTC/USD Medium-Term Trend: Bullish (4H Chart)

Looking at the 4-hour chart, Bitcoin’s price is currently trading around $10,758 and above the 9-day moving average after a reversal from $10,681. Meanwhile, traders can see that the bullish supply is becoming steady in the market while the bears are also trying to drag the price down.

However, if the buyers can strengthen and energize the market, they can further push the price to a $10,900 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $10,950 and above. Inversely, the RSI (14) is currently moving around 52-level, turning down may cause the bears to step back which could drag the price to the support level of $10,550 and below.

from InsideBitcoins.com https://ift.tt/2GonPk4

Comments

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges decentralized finance face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival. Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community. Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...

National Futures Association adds rules for members handling digital assets

The CFTC-linked self-regulatory organization (SRO) has disclosure rules for members engaging in activities with BTC and ETH; now, standards of conduct are being added. The National Futures Association (NFA), the United States self-regulatory organization for derivatives markets, has issued a new compliance rule addressing members’ conduct. The new rule complements requirements issued in 2018. The NFA has “well over 100” members that engage in activities with digital asset commodities, but no way to address fraud or misconduct committed by those members, the organization explained to secretary of the Commodity Futures Trading Commission (CFTC) Christopher Kirkpatrick in a Feb. 28 letter as it submitted the proposed new rule for approval. The new rule is modelled on the NFA’s antifraud rules for exchange traded futures and swaps transaction and retail foreign exchange. The NFA is the only registered self-regulatory organization that has delegated authority from the CFTC, giving it a...

Crypto Coin Search

Search This Blog