Bitcoin tested the $12k resistance more than once in August. However, September 2020 is a slurpy month for the leading cryptocurrency.
It is not unexpected though, as an earlier report revealed that Septembers are usually not good for Bitcoin price.
But thankfully, a new month is in sight, and it comes with a different vibe for King Bitcoin.
Analyzing different indicators, things will be better for Bitcoin in October. One of these indications is the heat map shown below.
From the map, we see that Octobers always provides consolation from September price fall. In the 10th month, Bitcoin price consolidates or reduces the tension from September. This year won’t be any different as more indication provides ample reasons to believe so.
Miners Position Index
Bitcoin miners everywhere will and do affect the price of Bitcoin. A miner position index is an index that helps us to understand miners’ behavior by studying their outflow.
From the chart below, we see the recent Moving Average (MA) and a standard chart depicting miners’ behavior. From time to time the bulls control the market, so too the bears.
The chart also indicates bears’ control is at its end, and it is time for bulls to take over. This suggests that traders can expect more price action from Bitcoin now and the coming month.
But to what extent will Bitcoin price breakout? A quick at the critical resistance and support will shed more light on that.
- Key Resistance Levels: $11,000, $11,500, $12,000
- Key Support Levels: $10,000, $9,500, $9,000
Till the beginning of October, traders will continue to see short bullish moments. Possibly prices may be as high as $11,000. When bears take over, prices will fall but won’t test the $10k support level.
Possibly in October, traders can expect prices to see prices break the $11,000 resistance level and climb as high as $11,500. The $10,000 and $9,500 support level will not be touched due to any bear control over the market.
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