Bitcoin price forecast – September 17
The daily chart reveals that Bitcoin’s price forecast is trying to settle above the $ 48,000 level on the way to $ 50,000.
BTC / USD Long term trend: upward (daily chart)
Resistance levels: $ 52,000, $ 54,000, $ 56,000
Support levels: $ 44,000, $ 42,000, $ 40,000
BTC / USD reaches the price range above the 9-day and 21-day moving averages after almost a few days of desperate trading. Because the coin is currently repairing upwards, traders believe the price of Bitcoin is likely to exceed high levels of resistance rather than fighting passive subsidies. Today, BTC / USD touches a daily high of $ 48,176, but is currently trading at $ 47,867, having come from a support level of $ 47,470.
Bitcoin Price Forecast: Bitcoin (BTC) may continue to decline
As of this writing The price of bitcoin struggles to rise higher above the $ 48,000 resistance as the coin settles to a tight $ 47,000-48,000 level above the 9 – day moving average. At the same time as new uptrend movements are concentrated, buyers can use moving averages as the closest support level. But as much as the red line of the 9-day MA remains below the green line of the 21-day MA, the market may still fall down.
In addition, if the market decides to decline, the price of Bitcoin could fall below the 9-day moving average to $ 46,000, and if this subsidy does not include sales; traders could fall further to $ 44,000, $ 42,000, and critically $ 40,000. However, any upward movement above moving averages could reach resistance levels of $ 52,000, $ 54,000 and $ 56,000. At the same time, the technical indicator Relative Strength Index (14) is moving in the same direction below the 55 level, indicating lateral movement.
BTC / USD medium term trend: volatile (4H chart)
Looking at the four-hour chart, the bears are likely to step back into the market, keeping the price below the 9-day moving average, but the bulls will also return quickly, choosing the price from $ 47,663 to the current price, trading at $ 47,897, which is above the 21-day moving average. At the same time, $ 49,500 and more can enter the game if the BTC / USD breaks above the channel cap.
Conversely, if the price falls below the 21-moving average and begins to fall, the support level of $ 46,500 and below may be the focus. More because the technical indicator Relative Strength Index (14) is likely to exceed the 60 level, which could give more upward signals to the market.
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