Bitcoin is still in no man’s land. Both moving averages are flat and the RSI is also at the midpoint. The attempt to break out of the downtrend line on Oct. 8 was thwarted by the bears.
Today, the BTC/USD pair has shown some weakness, but buying at lower levels has again propped the prices back to the moving averages.
The cryptocurrency will pick up momentum on a breakout and close (UTC time frame) above the overhead resistance of $6,831.99. After a period of low volatility, we expect the volatility to increase following a breakout or breakdown. Hence, if the bulls succeed in breaking out, the rally might go beyond the first target of $7,400 and reach as high as $8,450.
On the downside, Bitcoin will plunge if the bears succeed in breaking below the critical support zone of $5,900–$6,075.04. Therefore, traders should keep the stops on their long positions at $5,900.
Source:
https://cointelegraph.com/news/bitcoin-ethereum-ripple-bitcoin-cash-eos-stellar-litecoin-cardano-monero-tron-price-analysis-october-10