Bitcoin Price Prediction – September 15
The daily chart reveals that the Bitcoin price prediction is making a come-back after touching the monthly low of $42,830.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $43,000, $41,000, $39,000
At the time of writing, BTC/USD is teetering at the $48,129 resistance level. There have been instances where BTC has exchanged hands above the 21-day moving average in order to keep bullish price action intact. However, the path of least resistance remains on the downside as the daily chart shows that the coin remains within the 9-day and 21-day moving averages.
Looking at the daily chart, if the pennant support caves in, even $45,000 could not manage to hold as support. Therefore, the Bitcoin price is likely to remain below the resistance of $50,000 as the red-line of the 9-day MA stays below the green-line of the 21-day MA. According to the moving averages, Bitcoin (BTC) is not yet done with the downside. This means that there is still room that could be explored by the sellers.
On the upside, recovery may not come easy as the support will have to be sorted above the $45,000 level. The other seller congestion zone to keep in mind includes $43,000, $41,000, and $39,000. On the other hand, if the market crosses above the 21-day MA, it may likely see the potential resistance levels at $52,000, $54,000, and $56,000 as the Relative Strength Index (14) moves above 50-level.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
The 4-hour chart for BTC/USD is trending in an upward channel formation. In the early hours of today, Bitcoin (BTC) is seen moving from $48,090 to $48,197 before the coin gets to its current position. On the downside, we have one healthy support at $47,500. Further support could be around $46,500 and below.
However, the technical indicator Relative Strength Index (14) is moving below 70-level, facing the south. Although the Bitcoin price is hovering above the 9-day and 21-day moving averages, further bullish movements could push the price above the upper boundary of the channel to reach the potential resistance at $50,000 and above.
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