Bitcoin Price Prediction: BTC/USD Rebounds Above $47,000 Level
Bitcoin Price Prediction – September 9
The Bitcoin price prediction shows that BTC is now moving above the resistance level of $47,000 as the crypto prepares for a new trend.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $42,000, $40,000, $38,000
BTC/USD is slightly in the green after adjusting from the short-term support at $45,511. Yesterday, the Bitcoin price was rejected after touching the resistance level of $47,381. At the time of writing, the first digital asset is currently moving towards the 9-day and 21-day moving averages but the buyers have their eyes on the first key hurdle at $48,000 as the coin begins to create a new trend.
Bitcoin Price Prediction: Can BTC Price Retest $50,000 Resistance?
Looking at the daily chart, can traders really say Bitcoin price is back into the hands of the bulls? The technical indicator Relative Strength Index (14) is seen moving above 45-level, if the indicator can continue with the upward trend, the price could also be pushed towards the resistance level of $48,000. On the other hand, the gap between the 9-day moving average and the 21-day moving average suggests that the upward movement may still come into play.
Nevertheless, BTC/USD could also settle in a tight range limited by $45,000 on the downside and $48,000 on the upside. Therefore, if the market price breaks above the moving averages, BTC/USD may likely hit the potential resistance levels at $52,000, $54,000, and $56,000 while the supports are located below the lower boundary of the channel at $42,000, $40,000, and $38,000 respectively.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
The 4-hour chart reveals that BTC/USD is following a downward movement within the 9-day and 21-day moving averages. However, the coin may depreciate if the $45,000 support is broken one more time. This may likely cause the Bitcoin price to fall below the lower boundary of the channel which may bring it to the critical support level of $44,000 and below.
On the contrary, if the bulls regroup and hold the current price tight, BTC/USD may likely cross above the 21-day moving average to hit the potential resistance level at $50,000 and above as the technical indicator Relative Strength Index (14) moves above 40-level, which may likely give additional bullish signals.
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: