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Bitcoin Price Prediction: BTC/USD Lacks Technical Breakdown; Price Plummets Toward $10,000 Level

Bitcoin (BTC) Price Prediction – September 5

BTC/USD is currently in the hands of the sellers but consolidation is likely between $9,500 and $10,500.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $11,000, $11,200, $11,400

Support Levels: $9,200, $9,000, $8,800

BTCUSD – Daily Chart

Yesterday, BTC/USD turned heads with its rise to highs above the potential $10,500 level. In fact, the number-one crypto extended its gains above $10,600. More so, the Bitcoin price did not stay up for long because of an immediate reversal. In the early hours of yesterday, BTC/USD held on to the support above $10,000 but today, the tables were turned as BTC/USD is seen trading around $10,083.

What to Expect from Bitcoin (BTC)

At the time of writing, BTC/USD is trading below the moving averages with a loss of 3.76% on the day. The trading is likely to continue the downtrend as the technical indicator RSI (14) moves below 35-level. It is important that the bulls reclaim the position above $10,500 as this would allow them to focus on higher levels towards $11,000. On the other side, continued declines under the short term support at $10,000 could easily open the way to the south.

Meanwhile, breakdown towards $10,000 is not out of the picture because the losses in the last 24 hours show that BTC/USD was not technically ready for the breakout above $10,500. Looking at the daily chart, BTC/USD is yet to make any attempt to regain ground. However, any bullish movement may push the price to the resistance level of $11,000, $11,200, and $11,400 while breaking below the lower boundary of the channel may lead to the support levels at $9,200, $9,000, and $8,800 respectively.

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

Looking at the 4-hour chart, Bitcoin’s price is currently trading around $10,002 and below the 9-day and 21-day moving averages after falling from $10,564 where the coin touched today. From a technical point of view, the trend is in the hands of the sellers.

BTCUSD – 4 Hour Chart

The technical indicator RSI (14) is retreating within the oversold region. As long as the downward trend continues, keeping Bitcoin above $10,500 will be a daunting task. In this case, it is best we look at possible support levels, starting at $9,500, $9,300, and $9,100 while the potential resistance lies at $10,700 and above.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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