Bitcoin Price Prediction for Today, October 11: BTC/USD Dips below $19k

The Bitcoin price prediction is back under $19,000 after losing an important trend line that has supported the cryptocurrency’s uptrend.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $19,087
Bitcoin market cap – $364.5 billion
Bitcoin circulating supply – 19.1 million
Bitcoin total supply – 19.1 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $22,000, $24,000, $26,000

Support Levels: $17,000, $15,000, $13,000

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BTC/USD is facing another decline as the coin stays below the 9-day and 21-day moving averages. The Bitcoin price is heading toward the downside. However, the Resistance level above $19,500 has proven once again too strong for bulls to break, and bears are now pushing the price per coin back down to retest support lower.

Bitcoin Price Prediction: Would Bitcoin (BTC) Head to the Downside?

Despite the risk of losing the uptrend above the moving averages, that doesn’t necessarily mean a downtrend will begin, or that the greater bull market is immediately over. The Bitcoin price continues to follow a downtrend; therefore, no dramatic upward movement has ever materialized.

Moreover, if the bulls resume and push the market higher, the first level of resistance could be located at $19,500. A sustainable move above this level is needed for the upside to gain traction, while the next important resistance may come at $20,000. Further resistance levels could be located around $22,000, $24,000, and $26,000 while the critical supports lie at $17,000, $15,000, and $13,000 as the technical indicator Relative Strength Index (14) remains below 50-level.

BTC/USD Medium-term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, the bears are dominating the market as the 9-day MA remains below the 21-day MA. More so, any break below this crucial barrier may cause it to plunge to a low of $18,800. The bulls could step up and guard against a decline beneath the lower boundary of the channel. Meanwhile, unless it recaptures $19,200 in the near term, the bears could have the upper hand over the bulls, and BTC/USD may soon reel significantly lower.

Therefore, any further bearish movements could see a support level of $18,500 and below. Meanwhile, as the technical indicator Relative Strength Index (14) moves into the oversold region, the king coin may claim more downtrends. On the other hand, any bullish movement above the moving averages could hit the resistance level of $20,000 and above.

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