Bitcoin Price Prediction: BTC/USD Trades Above $47,500
Bitcoin Price Prediction – September 17
The daily chart reveals that the Bitcoin price prediction is trying to settle above the $48,000 level in the journey to $50,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $44,000, $42,000, $40,000
BTC/USD hits the price area above the 9-day and 21-day moving averages after almost a few days of despairing trade. For the fact that the coin is currently correcting upwards, traders believe that the Bitcoin price is likely to cross into the high resistance levels instead of just battling with inactive supports. Today, BTC/USD touches the $48,176 daily high but currently trading at $47,867 after coming from the support level of $47,470.
Bitcoin Price Prediction: Bitcoin (BTC) May Continue to Plummet
At the time of writing, the Bitcoin price is struggling to climb higher above the $48,000 resistance as the coin is settling in a tight range between $47,000 and $48,000 above the 9-day moving average. Meanwhile, when the new uptrend movements are coming into focus, buyers may use the moving averages as the nearest support levels. But in as much as the red-line of 9-day MA remain below the green-line of 21-day MA, the market could still plummet to the downside.
Moreover, if the market decides to go down, the Bitcoin price may drop below the 9-day moving average at $46,000, and should this support fails to contain the sell-off; traders may see a further drop to $44,000, $42,000, and critically $40,000. However, any bullish movement above the moving averages could meet the resistance levels at $52,000, $54,000, and $56,000 respectively. Meanwhile, the technical indicator Relative Strength Index (14) is moving in the same direction below 55-level, suggesting a sideways movement.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bears are likely to step back into the market by keeping the price below the 9-day moving average, but the bulls are making a quick return too by picking the price from $47,663 to where it is currently trading at $47,897 which is above the 21-day moving average. Meanwhile, the $49,500 and above may come into play if BTC/USD breaks above the upper boundary of the channel.
On the contrary, if the price breaks below the 21-moving average and begins to fall, the support level of $46,500 and below may be in focus. More so, as the technical indicator Relative Strength Index (14) is likely to cross above 60-level, which could give more bullish signals into the market.
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: