Search Inside Bitcoins

Bitcoin Price Prediction: BTC/USD Prints A Bearish Pattern To $47,228

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Bitcoin Price Prediction
Bitcoin Price Prediction

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin Price Prediction – September 16

The Bitcoin price prediction shows BTC dropping from $48,499 to $47,228 in less than a few hours but managed to recover a little bit.

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 is trading down marginally at its current price of $47,635 as the coin is falling below the 9-day moving average and undergoing rejections at $48,499 which is not positive for the bull case. Although the bulls have tried and failed on multiple separate occasions to gather enough buying pressure to break the $48,500 resistance level, each attempt has failed simultaneously.

Bitcoin Price Prediction: Bitcoin (BTC) May Drop Further

The Bitcoin price is currently trading below the 9-day moving average after an attempt by the bears to take the price down to $47,000. The move happened in less than one hour after Bitcoin touched the daily high of $49,499 which is an important resistance level on the daily chart but the bears manage to retreat from the daily high to $47,635 where it is currently trading.

However, it is important to note that Bitcoin’s inability to post any sustained closes above the $48,000 level shows that it is currently plagued by underlying weakness. This consolidation phase has given rise to a plethora of bearish divergences that may cause the cryptocurrency to see a notable retrace in the days ahead.

Moreover, the potential resistance levels for the coin are located at $52,000, $54,000, and $56,000 while the critical supports lie at $44,000, $42,000, and $40,000 as the Relative Strength Index (14) moves to the south, suggesting more bearish signals.

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

On the 4-Hour chart, the immediate support is below the 9-day moving average at the $47,000 level. The price may likely fall below this level if the bears fully stepped back into the market, a further movement could test the critical support at the $46,000 level and below while the resistance is located above the upper boundary of the channel at $50,000 and above.

BTCUSD – 4 Hour Chart

Looking at it technically, the Bitcoin price is currently moving sideways as the technical indicator Relative Strength Index (14) moves above 60-level.

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:

Join Our Telegram channel to stay up to date on breaking news coverage

Read next