Bitcoin (BTC) Price Analysis – October 11

Azeez Mustapha
  • The bears have broken the $6,500 price level to the downside.
  • The price of Bitcoin may likely break the lower level of price range and revisits the critical support level.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish

Resistance levels: $6,600, $6,800, $7,000

Support levels: $6,200, $6,000, $5,800

The BTCUSD pair was in a range bound movement fluctuating above the $6,500 price level. Yesterday, as traders we assumed that the price of Bitcoin may experience either a bullish or bearish breakout, after an extended period of low volatility. Today, we have seen a bearish trend that has broken the $6,500 price level.

BTCUSD Short-term Trend: Bearish

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the short term trend, the price of Bitcoin is falling as the price is below the exponential moving averages. Meanwhile, the Relative Strength index period 14 is level 24 which indicates that the market is oversold. The bears are exhausting their bearish pressure at the oversold region of the market. The bulls are to take control of the market.

 

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