Bitcoin pulled back again on Wednesday, bouncing around in a $100 or so range before eventually settling slightly lower on the day around $11,400. If Bitcoin can find support, it should continue upward; if it falls below the $11,000 level, this move might have been too soon.
(October 14, 2020 8:00 PM EST)
Outlook: Bitcoin traded in a smallish range today, not breaking one direction or the other, closing the day slightly in the red. This is not alarming to me, and could just be digesting the recent breakout. These moves don't happen all at once and without any resistance, so as long as Bitcoin doesn't fall below $11,000 or the 50 Day EMA again, my bias is still up.
Support: Look for support below at the $11,000 level which is not much higher than the 50 Day EMA around $10,814. This area, formerly resistance, should act as new support for BTC. If not, then perhaps BTC isn't ready to make a move higher just yet, and we'll see BTC remain trading in a $1,000ish range until an impetus causes it to do so.
Resistance: Looks like resistance around $11,500 is playing a bit of a short-term factor here, as I imagine $12,000 will as well. I'm looking for BTC to target those again and next.
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