Bitcoin Price Analysis: BTC Consolidates, Waiting for a Break?

• Bitcoin has faced a hefty supply at $10400 and now showing a sign of weakness as bears look for support at $10200 – $10000 levels.
• If the buyers can regroup and overcome the supply area, we may see a decent bullish run in the market.

Following September 11 bounce, Bitcoin’s price was roofed at $10400 resistance after breaking the wedge pattern bullishly to the upside on the 4-hour chart. The supply at the $10400 was too heavy for the bulls to overcome. Meanwhile, the price is seriously struggling in a consolidation mode on the intraday trading, which has made BTC remain indecisive over the past few days now.

While remaining as the most influential cryptocurrency, Bitcoin price is technically supported by the $10000 on a short-term and $9000 support on a medium-term. If the price of Bitcoin drops below these supports, we should expect long-term support at the $6500 – the April 2 surge level. Considering the descending triangle pattern on the daily chart, the $11000 resistance is an essential bullish breakout for the market.

Bitcoin’s Current Statistics

Trading Price: $10338

Market Capitalization: $185,406,919,130

Trading Volume: $14,409,905,694

Key resistance levels: $10465, $10600, $10800

Key support levels: $10200, $10000, $9800

Bitcoin Price Prediction for September 14, 2019

Bitcoin’s price is still roaming around the $10300 following the bounce at $10000 support during the week trading. Looking at the daily price chart, we can see that the bearish supply has been turning heavy in the market, but the bulls are trying to defend the $10200 – $10000 supports as well. Meanwhile, the $9800 may come in play if BTC breaks the mentioned supports.

If the buyers can reinforce and power the market, we can expect a retest at the $10465 resistance level. Breaking the mentioned resistance may further allow the bulls to test the $10600 and $10800 on the upside. However, Bitcoin is currently consolidating and moving sideways on the medium-term outlook. We can expect a surge in volatility to occur.

Conclusively

The critical support level for Bitcoin is $10000 at the moment. If the level breaks, we should see a bearish walk to the $9000 zone. Meanwhile, the $11000 resistance is also a critical resistance level on the upside, but we need to have a clear break at $10465 before we can consider a bull-run.

Technical Indicator Reading

The RSI indicator is currently moving sideways for the past few days now, reflecting that Bitcoin price is in a consolidation mode.

Stochastic RSI has sharply dropped from the overbought zone, suggesting a possible sell in the market.