Bitcoin Price Prediction – September 7
The Bitcoin price slides below the support level of $47,000 after missing a key trend line supporting the cryptocurrency's uptrend.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $57,000, $59,000, $61,000
Support Levels: $40,000, $38,000, $36,000
After losing momentum above the $52,000, BTC/USD faces a serious decline as the coin cross below the 9-day and 21-day moving averages. The Bitcoin price is seen trading below the $47,500 support level. However, the resistance above $52,000 has again proven too strong for the bulls to break out and the bears are now turning the price down to test the support again.
Bitcoin Price Prediction: Bitcoin (BTC) May Visit More Downsides
As the Bitcoin price moves to the south, does this mean that despite the risk of losing the uptrend above the 9-day and 21-day moving averages, a downtrend will begin? Or that the biggest bull market is over immediately? According to the daily chart, the Bitcoin price continues to follow a sharper downtrend line at the time of writing, and the 9-day moving average is likely to cross below the 21-day moving average which could allow the first digital asset to see move bearish movement.
However, should in case the bulls push higher and cause the price to cross above the 9-day and 21-day moving averages, the first level of resistance can be located at $50,000. Therefore, a sustained move above the upper boundary of the channel is required for the uptrend to gain momentum while the next major resistance levels could come at $57,000, $59,000, and $61,000 but the critical supports lie at $40,000, $38,000, and $36,000 respectively.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bears are seen coming back into the market as the 9-day MA moves to cross below the 21-day MA. The break below this crucial barrier causes it to plunge as low as $43,000, with bulls stepping up and guarding against a decline beneath this level. Meanwhile, unless the bulls recover above the $50,000 level in the short term, the bears could have the upper hand over the bulls, and BTC/USD could be down significantly.
However, any further bearish movements could see the support level of $44,500 and below. Meanwhile, as the technical indicator Relative Strength Index (14) moves into the oversold region as more bearish signals could push the price below the lower boundary of the channel. On the other hand, the resistance level remains at $49,000 and above.