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Bitcoin Price Prediction: BTC/USD Crashed and Rejected After Touching $12,000 Again; What Next?

Bitcoin (BTC) Price Prediction – September 2

Bitcoin (BTC) is seen struggling to beat $12,000, currently down with 4.77% as the coin got rejected once again.

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

Key levels:

Resistance Levels: $12,300, $12,500, $12,700

Support Levels: $10,800, $10,600, $10,400

BTCUSD – Daily Chart

It is very important for BTC/USD to reclaim the ground above $12,000 as soon as possible, the reason being that more action is expected above this level. However, the longer Bitcoin (BTC) stays under $12,000, the stronger the bears get. Therefore, the support at $11,000 may not be enough to hold the intense pressure. In this case, BTC could refresh lows towards $10,000.

Would Bitcoin Cash Go up or Down?

In the meantime, consolidation is likely to take precedence with support at $10,800, holding well. The technical indicator RSI (14) also puts emphasis on the possible downtrend action as the signal lines below 50-level. The same situation is reflected by the moving averages as the green-line of 21-day MA is still above the red-line of 9-MA.

The next 5 days could be extremely crucial for Bitcoin’s price. If BTC price fails to break above the moving averages in the next five days, the market price may move back below the $11,000 mark or it may just sit between the $11,300 – $11,400 price range. However, the resistance levels to keep eye on are $12,300, $12,500, and $12,700 while the supports are located at $10,800, $10,600, and $10,400 respectively

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

Looking at the 4-hour chart, BTC/USD is seen on a downward move and the coin may continue to depreciate if the $11,100 support is broken. The 9-day MA is seen crossing below the 21-day MA, once this is done, BTC/USD may likely fall and reach the critical supports at $11,050, $10,850, and $10,650 respectively.

BTCUSD – 4 Hour Chart

Meanwhile, if the bulls can hold the current price tight, BTC/USD may likely cross above the moving averages to hit the potential resistance at $11,750, $11,950, and $12,150 levels.

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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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