Bitcoin Price Prediction: BTC Could Reach $18,500 if Bulls Take Control

• Bitcoin price prediction for January 11th shows that BTC is trading at $17,326 with a 0.67% loss.
• If the king coin is able to break above the upper boundary of the channel, it could touch the nearest resistance level of $18,500.
• BTC/USD needs to claim this important resistance level to head to the upside and remain above the 9-day and 21-day moving averages.

The Bitcoin price prediction for January 11th shows that BTC is currently trading at $17,326 with a 0.67% loss. Bitcoin is seen hovering above the 9-day and 21-day moving averages, and if it breaks above the upper boundary of the channel, BTC/USD could touch the nearest resistance level of $18,500.

In order for Bitcoin to remain above the 9-day and 21-day moving averages, the bulls need to make the $17,000 support level strong. The king coin needs to claim this important resistance level to head to the upside and remain above the 9-day and 21-day moving averages.

Looking at the Relative Strength Index (14), the signal line is likely to see a bullish crossover and move towards the overbought zone as the current market price is close to the resistance level of $17,500. If Bitcoin is able to break above this level and reach the $18,000 mark, then the coin might extend its gains to $19,000, $21,000 and $23,000 in the long-term.

On the other hand, if the bears take control of the market, the coin could fall to the support levels of $16,000, $14,000, and $12,000. Nevertheless, it is important to note that Bitcoin will remain above the moving averages as long as the bulls are in control of the market.