Bitcoin Price Prediction – September 7
The Bitcoin price prediction increased considerably but despite the rejection, the bullish structure still stays intact.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $58,000, $60,000, $62,000
Support Levels: $46,000, $44,000, $42,000
Looking at the daily chart, Bitcoin bears may be actively taking back control as they are seen forcing BTC/USD to bow down to fresh losses. The digital asset is correcting 3.03% lower on the day. At the time of writing, BTC/USD is changing hands at $51,103 after adjusting lower from $52,944 which is an intraday high. In addition, Bitcoin may be vulnerable to losses if the 9-day moving average crosses below the 21-day moving average.
Bitcoin Price Prediction: Bitcoin (BTC) May Drop More
Looking at the Bitcoin price from a technical angle, one can say that the market price may likely follow the downtrend. For example, the technical indicator Relative Strength Index (14) may confirm the bearish movement as it is likely to cross below 60-level. However, BTC/USD is still at great risk of dropping below the 9-day and 21-day moving averages.
Moreover, bulls are banking on the 9-day moving average to ensure that in spite of a reversal, the Bitcoin price stays above the $49,000 level. Any further movement below this could push the coin towards the critical supports of $46,000, $44,000, and $42,000. Meanwhile, following the upward movement, if the coin moves above the upper boundary of the channel, it may hit the nearest resistance levels at $58,000, $60,000, and $62,000 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
BTC/USD is seen crossing below the 9-day and 21-day moving averages as the 4-hour chart reveals, the bears are still in control while the bulls are trying to defend the $50,500 support. If not, the $49,500, $49,000, and $48,500 support levels may come into play if the coin focuses on the downward movement.
Moreover, buyers may need to regroup and hold the support of $50,000, once this is done, traders may expect a cross above the moving averages, and breaking this barrier may further the king coin to $52,000, $52,500, and $53,000 resistance levels. Meanwhile, the technical indicator Relative Strength Index (14) is seen dropping heavily, suggesting a continuous bearish movement.
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