After making a bearish transition seen in minor times, Bitcoin re-entered the consolidation that has been marking since September 26 approximately.

As expected last week; the strong bearish push made the pullback that we needed to see a more prolonged fall, which was forecast until $7.750; However, a resounding rejection of the $ 7,811 caused a new bullish momentum within the consolidation, and which we hope will extend a minimum to the area between USD8,450 and 8,500.

The strong consolidation that Bitcoin has locked up for more than 25 days may lead another bearish push to the support of the range, after making the <a href="https://coinmarketcap.com/" rel="noopener">bullish momentum</a> we expect for this week.
<h4><strong>Weekly Bitcoin projection based on technical analysis</strong></h4>
<img class="aligncenter wp-image-148283 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2019/10/pasted-image-01.png" alt="" width="1268" height="572" />

With a strong rejection of the area near $ 7,950, Bitcoin made a strong bullish momentum that led to breaking the resistance seen in times no longer than 4 hours.
<h4><strong>What do the indicators tell us?</strong></h4>
In the consolidations we will see false crosses of moving averages if we see it in large temporalities; In this case, the crosses that should not be taken into account are those of daily temporality.

However, within consolidations as large as the one that Bitcoin is going through, smaller structures will be forming in the minor temporalities; So there we can use the moving averages as a support to identify temporary market trends.

<strong>In the current Bitcoin range, we can begin to mark structures at times not exceeding 4 hours.  </strong>

In this case, the impossibility of breaking the last lowest low seen in 4H, creates the first indication of a change in temporal trend; and then with the increase in the volume of purchase and breakage of the last near resistance the crossing of moving averages that supports the bullish momentum occurs.

A positive boost for Bitcoin that will have as a major obstacle the barrier of USD 8,500, if it reaches them; so the moving averages in this temporality only supports us to predict a small movement as expected.

We still do not see a situation that demonstrates the strength of wanting to break up consolidation.

The simple 200-period moving average remains bearish, another strong resistance that Bitcoin will encounter if trying to overcome the psychological barrier located at USD 8,500.

<img class="aligncenter wp-image-148284 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2019/10/pasted-image-0-11.png" alt="" width="1273" height="583" />

The strong rejection of bearish prices was also demonstrated with a clear upward divergence seen in the RSI of 5 periods in the 4-hour time frame.

<img class="aligncenter wp-image-148285 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2019/10/pasted-image-0-21.png" alt="" width="1267" height="553" />
<h4><strong>Will Bitcoin follow the current bullish momentum?</strong></h4>
At the moment it is quite difficult to predict if after the current bullish push we will see a break in the consolidation in which it is located.

Seen from the daily temporality, we can observe a strong control on the part of the buyers, reflected with a strong bullish enveloping candle, and which can also be considered as part of the well-known Morning Star candle pattern; a formation that indicates the completion of a bearish push, and a subsequent bullish momentum.

At the time of this writing, the daily candle has not closed; After this happens, a recoil is commonly expected between 38.2% and 50% of the same sail.

However, the formation of this candle pattern does not fully demonstrate that the price wants to exceed USD 8,500; We have already seen the strong bearish reactions that the consolidation resistance can cause.

If after the expected bullish momentum for this week, we see an effective breakdown of the nearby barrier at 8,500, then we can forecast a further boost towards USD 9,500 as the main objective.

<img class="aligncenter wp-image-148286 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2019/10/pasted-image-0-31.png" alt="Bitcoin price" width="1268" height="583" />

Finally, remember that all our projections are informative, in no case should they be taken as <a href="https://www.cryptoknowmics.com/crypto/">investment</a> advice.

Bitcoin Price Prediction: Will BTC Surpass $8,500 Resistance Point

I am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.

Bitcoin Price Prediction: Will BTC Surpass $8,500 Resistance Point

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