Bitcoin Price Prediction: BTC/USD Retraces Below $47,500
Bitcoin Price Prediction – September 19
The Bitcoin price continues with its price slumps with close to $1,000 drop below the moving averages.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $44,000, $42,000, $40,000
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At the time of writing, BTC/USD is hovering at $47,491. There have been instances when BTC was exchanging hands below $47,500 but as it is now, the path of least resistance is still downwards. Meanwhile, the daily chart shows that the market is likely to experience more downtrends.
Bitcoin Price Prediction: BTC Price May Fail at Potential Resistance
Looking at the technical indicator Relative Strength Index (14) moves below 55-level; as it is, the Bitcoin price is not yet done with the downside. Despite the drop suffered, the technical indicator is not too far from 50-level. This could mean that the bearish movement may still come to focus and could cause the Bitcoin price to follow the downtrend in as much as the king coin crosses below the 9-day and 21-day moving averages.
On the upside, recovery may not come easy but a sustainable move above the 9-day and 21-day moving averages could found resistance at $48,000, which may negate the bearish scenario and allow for an extended recovery towards the resistance levels at $52,000, $54,000, and $56,000. However, an increase in selling pressure across the market could force the Bitcoin price towards a painful path and through various tentative supports at $44,000, $42,000, and $40,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is seen trading below the 9-day and 21-day moving averages as the coin has just survived the $47,000 support for the market to resume the upside momentum. However, the king coin is likely to return to the bull market should the price break above the moving averages. Meanwhile, higher resistance is located at the $48,500, and as the technical indicator Relative Strength Index (14) moves to cross above 50-level.
On the other hand, if the bearish movement steps back, the support level of $47,000 may not be able to hold the selling pressure. More so, BTC/USD is likely to fall to $46,000 and below if the price falls below the lower boundary of the channel.
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