Bitcoin Analysis – September 28th, 2020

Bitcoin Last Week

Bitcoin hasn’t made a break yet, as it hasn’t crossed 11K.

Ending the week on September 27, Bitcoin’s price fell 1.21%, stopping at $10,803, compared with the previous week’s sharp gain of 5.84%.

BTC rose 0.48% on Sunday. Following on from Saturday’s 0.39% gain, Bitcoin ended the week down 1.21 percent to $ 10,803.

It was a mixed start for the day. Bitcoin rallied to an early morning high of $10,824 before reversing.

Down from the first major resistance at $10,836, Bitcoin slipped to an intraday low of $10,594.

Bitcoin fell past the first major support at $10,670 before finding support.

Steer clear of the second major support at $ 10,589, Bitcoin is back at $10,800 and going green.

The short-term uptrend remains intact, despite the latest pullback.

This Morning

At the time of writing, Bitcoin is up 1.54% to $10,969. A bullish start to the day has seen Bitcoin rise from an early morning low of $10,803 to a high of $10,986.

Bitcoin broke through its first major resistance at $10,887 to test a second major resistance at $10,970 in the first place.

Bitcoin Next Week

Bitcoin will need to avoid falling past the first major resistance at $10,887 to support a break out of the second major resistance at $10,970.

However, it will need support from the broader market for Bitcoin to break out of its morning high of $10,986.

If the market does not move, resistance at $ 11,000 is likely to limit any gains.

In the event of a crypto breakout, Bitcoin could test a third major resistance level at $11,200 before any pullback.

Failure to avoid a drop past the first major resistance will have the $10,740 spindle come into play.

However, preventing the crypto sell-off from expanding, Bitcoin should avoid its first major support at $10,657.

Source FX Empire