BTC/USD Turning Bearish Below $46,500

Bitcoin Price Prediction – September 8

The Bitcoin price extends the bearish movement to the areas marginally below $45,000 after numerous trials to sustain gains above $47,000.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $51,500, $53,500, $55,500

Support Levels: $40,000, $38,000, $36,000

BTCUSD – Daily Chart

BTC/USD falls toward $44,000 once today as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $47,381 following a significant breakout in the last few days. Therefore, the bearish control is seen across the market with other major digital assets posting similar losses as they trade below the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Bitcoin (BTC) Could Add More Pains

The Bitcoin price is hovering at $46,063 with an intraday loss of 1.77%. The prevailing trend is bearish with expanding volatility and the first digital asset is likely to consolidate in a bearish flag pattern. Meanwhile, a breakdown below the lower boundary of the channel is supposed to continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and stay below to hit the critical support levels at $40,000, $38,000, and $36,000.

However, should Bitcoin price returns above the moving averages; the price could rise to $50,000 vital resistance. A further bullish drive could push the price to $51,500, $53,500, and $55,500 resistance levels. The technical indicator Relative Strength Index (14) is revealing a continuous bearish, which shows that the market may remain at the downside.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

At the opening of the market today, the Bitcoin price faces up to touch the resistance level of $47,381 but begins to drop, bringing its price to trade around $46,134. Meanwhile, should the price continue to drop further and move below the lower boundary of the channel, it could reach the support level at $44,000 and below.

BTCUSD – 4 Hour Chart

Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, the Bitcoin price could revisit the resistance level of $48,500 and above. Presently, the market may begin to move sideways or experience more downtrends as the Relative Strength Index (14) indicator moves below 35-level.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

67% of retail investor accounts lose money when trading CFDs with this provider

Read more:

Source link

Leave a Reply