Bitcoin (BTC) Price Holds Despite Rejecting Major Resistance

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There is support at $ 10,550, and resistance at $ 10,950.

The price follows a long term upward support line.

BTC appears to be completing a correction in WXY

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The price of Bitcoin (BTC) has been rejected by the $ 11,000 zone on numerous occasions over the past few weeks. That said, he managed not to get stuck under $ 10,000.

It is possible for BTC to fall back slightly below $ 10,550 before resuming its upward movement.

Bitcoin is approaching resistance

Bitcoin has been on the rise since September 23, when the price hit a local low of $ 10,138. This rise continued until the price suffered a rejection from the 0.786 fibonacci level of the previous decline, at $ 10,959.

That said, the decline caused by this rejection was small, with the price only dropping to $ 10,683.

The first support zone is found at 10,550 while the main resistance zones are at $ 10,950 and $ 11,200.

The 2 hour chart shows the price is following an ascending support line. If it goes under the latter, it could bring it down to the aforementioned support area of ​​$ 10,550.

On the opposite slope, BTC could follow a descending resistance line (dotted). If it breaks it, it could push it up towards the resistance zone of $ 11,200.

Technical indicators are relatively neutral. The line that the price crosses will therefore probably determine the direction of the next move.

The wave count for BTC suggests that the price first started a bullish impulse on September 23 (blue below). He would then have completed the first wave on September 26. The sub-wave count is shown in red.

If this count is correct, the price would be completing a correction in WXY, which should end around $ 10,550.

In addition to a support zone, this is also the 0.5 fibonacci level of the entire decline, as well as a projection of the length of sub-wave W at the top of wave X. The confluence of several important levels make this the most plausible area for the end of the correction.

On the contrary, if the price increases, the first target on the upward slope is $ 11,200.

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