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Bitcoin Price Prediction: BTC/USD Climbs Past $48,000 Resistance

Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin Price Prediction – September 18

The Bitcoin price prediction is seen facing the upside as the coin rises to trade above $48,000.

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

Bitcoin Price Prediction
BTCUSD – Daily Chart

BTC/USD shoots to the north as the recent move marks a tremendously upward movement, but it is important to note that the Bitcoin price has not exceeded any major technical level. Looking at the daily chart, BTC/USD has been trying to start the upward move since the European session but it is struggling to gain momentum as the uptrend of the entire market comes to a standstill.

Bitcoin Price Prediction: Bitcoin Not Yet Ready for The Upside

At the time of writing, the Bitcoin price is trading up 1.46% at its current price of $48,049 level. Moreover, as the resistance mounts, the positive movement towards $50,000 may likely come into focus and the next few days could reveal where Bitcoin (BTC) and other altcoins will trend. However, if the king coin decides to dig dip; it’s likely to hit the critical supports at $44,000, $42,000, and $40,000 respectively.

Furthermore, should in the case of bulls keeping the price above the 9-day MA; moving up further to cross the 21-day moving average could take the price towards the upper boundary of the channel which may likely touch the resistance levels of $52,000, $54,000, and $56,000. The technical indicator Relative Strength Index (14) is likely to face the upside to suggest more bullish signals into the market.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, BTC/USD is trading at $48,060 as all eyes are glued to the $49,000 resistance level. At the time of writing, the Bitcoin price is crossing below the 9-day and 21-day moving averages as the existing trend is still ranging. However, the sellers may begin to control the market but sideways movement may continue to play out.

BTCUSD – 4 Hour Chart

At the time of writing, the red-line of 9-day MA is still below the green-line of 21-day MA, and the coin may likely retest the support level of $47,000 and below if the price crosses this barrier. To confirm this, the technical indicator Relative Strength Index (14) is seen following the downward movement below 55-level. Therefore, BTC/USD may likely touch the resistance level of $49,500 and above if the price moves above the upper boundary of the channel.

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