{"id":273024,"date":"2020-09-05T09:06:40","date_gmt":"2020-09-05T13:06:40","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=273024"},"modified":"2020-09-05T09:16:07","modified_gmt":"2020-09-05T13:16:07","slug":"btc-usd-long-term-trend-bearish-daily-chart","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/btc-usd-long-term-trend-bearish-daily-chart","title":{"rendered":"Bitcoin Price Prediction: BTC\/USD Lacks Technical Breakdown; Price Plummets Toward $10,000 Level"},"content":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 September 5<\/strong><\/p>\n

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

BTC\/USD Long-term Trend: Bearish (Daily Chart)<\/h4>\n

Key levels:<\/p>\n

Resistance Levels: $11,000, $11,200, $11,400<\/p>\n

Support Levels: $9,200, $9,000, $8,800<\/p>\n

\"\"<\/a>
BTCUSD – Daily Chart<\/figcaption><\/figure>\n

Yesterday, BTC\/USD<\/a> 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.<\/p>\n

What to Expect from Bitcoin (BTC)<\/h4>\n

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.<\/p>\n

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.<\/p>\n

BTC\/USD Medium – Term Trend: Bearish (4H Chart)<\/h4>\n

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.<\/p>\n

\"\"<\/a>
BTCUSD – 4 Hour Chart<\/figcaption><\/figure>\n

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.<\/p>\n

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Bitcoin (BTC) Price Prediction \u2013 September 5 BTC\/USD is currently in the hands of the sellers but consolidation is likely between $9,500 and $10,500. 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