Bitcoin Price Prediction: BTC/USD Prints A Bearish Pattern As Breakdown Returns To $11,000

Bitcoin (BTC) Price Prediction – September 2

The Bitcoin price dropped from $11,950 to $11,160 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: $12,450, $12,650, $12,850

Support Levels: $10,850, $10,650, $10,450

BTCUSD – Daily Chart

BTC/USD is trading down marginally at its current price of $11,417. The first digital asset is falling below $11,500 and undergoing rejections at $12,000 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 $12,000, each attempt has failed simultaneously.

What Is the Next Direction for Bitcoin?

The Bitcoin price is currently trading below the 9-day and 21-day moving averages after an attempt by the bears to take the price down to $11,000. The move happened in less than one hour after Bitcoin dropped below 9-day MA at $11,160 which is an important support level on the daily chart but the bulls managed to bounce back up from $11,160 to $11,417 where it is currently trading.

However, it is important to note that Bitcoin’s inability to post any sustained closes above the $12,000 region 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.

Nevertheless, the potential resistance levels for the coin are located at $12,450, $12,650, and $12,850 while the critical supports lie at $10,850, $10,650, and $10,450 as the MACD moves to the south, suggesting more bearish signals.

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

BTCUSD – 4 Hour Chart

On the 4-Hour chart, the immediate support is below the moving averages at the $11,500 level. The price may likely fall below $11,300 if the bears fully stepped back into the market, a further movement could test the critical support at the $11,000 level and below while the resistance is located above the moving averages at the $11,900 and above. Technically, Bitcoin is currently moving sideways while the MACD moves to cross into the negative side.

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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.