Bitcoin price: $10,380 Key BTC resistance levels: $10,400, $10,500, $10,525, $11,000, $11,800 Key BTC support levels: $10,000, $9,800, $9,500, $9,236, $9,196, $9,000

*Price at the time of writing

The Bitcoin rollercoaster continues as the market manages to sustain itself above the $10,000 level. The cryptocurrency has seen a 1.77% price increase over the past 24 hours, bringing the Bitcoin price up to $10,351. BTC is still positive over the past 30 days after increasing by a total of 8.65%, with a further 19% price hike over the past 3 months.

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Bitcoin remains the dominant cryptocurrency with a market cap value of $185.45 billion. If Bitcoin does break beneath $10K, the good news is that there is a ton of strong support immediately beneath. Furthermore, Bitcoin is also trading within a symmetrical triangle and still remains within the confines of the triangle.

Bitcoin Price Analysis

What has been going on?

Looking at the daily chart above, we can clearly see the highlighted symmetrical triangle that Bitcoin has been trading within. We can also see that since mid-August, Bitcoin has managed to remain above $10,000, despite the market trying to penetrate beneath. If Bitcoin can continue to rise higher and break above $10,500, we could potentially see the market rise toward the upper boundary of the symmetrical triangle.

Bitcoin price short-term prediction: Neutral/ Bearish

Bitcoin is still currently neutral until it breaks beneath the $10K region, at which point the market would turn bearish. Toward the downside, the strongest level of support lies at $10K. Beneath this, we can find further support at the .618 Fibonacci Retracement level (drawn in green) priced at $9,928. This is then followed with more support at $9,815 and then at the 100-day EMA which lies at $9,687.

If the sellers continue to drop the price beneath $9,500, support is then to be located at the short term downside 1.272 and 1.414 Fibonacci Extension levels (drawn in red) priced at $9,476 and $9,196 respectively. This is then followed up with more strong support at the $9,000 level.

What if the bulls hold at $10K?

Alternatively, if the buyers manage to remain above the $10K level and push higher above $10,500, we can expect higher resistance to be located at $11,000 and $11,276. The resistance at $11,276 is further bolstered by the upper boundary of the symmetrical triangle. If the bulls can continue to break above the upper boundary of the triangle, further higher resistance then lies at $11,487, $12,000, $12,173, $12,500 and $12,701.

What are the technical indicators showing?

The RSI had recently slipped beneath the 50 level but has now managed to climb back toward 50, which shows indecision within the market. If we would like to see BTC rise, we will need to see the RSI rise above 50 to show that the buyers are in control over the market momentum.