Bitcoin Price Prediction: BTC/USD Drops Beneath $45,500
Bitcoin Price Prediction – September 10
The Bitcoin price prediction shows BTC dropping today as the king coin breaks beneath $46,000 and heads toward $45,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $50,000, $52,000, $54,000
Support Levels: $42,000, $40,000, $38,000
BTC/USD is seen dropping with a sharp loss of 2.25% today as the cryptocurrency falls beneath the $46,000 support level to reach the daily low at $44,758. However, the daily chart reveals that $46,000 is a very important area as it provided strong resistance for the market during yesterday’s trading; therefore, it is expected to provide strong support moving forward.
Bitcoin Price Prediction: Bitcoin (BTC) May Drop Heavily
The Bitcoin price is now trading below the 9-day and 21-day moving averages at support provided by a rising support trend line of the channel; however, a break of this trend line could cause Bitcoin to unwind toward the $45,000 level. Meanwhile, the cryptocurrency is in a critical position right now with the next few days focusing on the downward trend. Meanwhile, a drop beneath the lower boundary of the channel could be detrimental to Bitcoin as it would lead the first digital asset towards the supports at $42,000, $40,000, and $38,000.
Moreover, if the buyers can rebound from the current support level at $45,358, the first level of resistance could come at $46,500. However, any further bullish movement may likely follow by the potential resistance at $50,000, $52,000, and $54,000 levels. Therefore, if the coin can break here, then the market may be on the verge of turning bullish in the short term. Presently, the technical indicator Relative Strength Index (14) is facing the south, indicating more bearish signals.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
According to the 4-hour chart, BTC/USD has been facing immense turbulence since the beginning of today’s trading, with sellers forcing its price down to the lows of $44,521. If the bulls decide to push the market price back above the 9-day and 21-day moving averages, the coin may likely hit the resistance at $47,500 and above.
However, it now appears that the cryptocurrency is at risk of seeing further downside in the near term, as the multiple attempts to shatter its $44,000 support seem to indicate that bears are building momentum. As the Relative Strength Index (14) prepares to cross into the oversold region, the coin may locate the critical support at $42,500 and below.
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