Bitcoin Price Prediction – September 5
The Bitcoin price prediction shows that BTC is shooting close to $51,000 as it has done a little to flip the market sentiment at this stage.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $55,000, $57,000, $59,000
Support Levels: $47,000, $45,000, $43,000
Looking at the daily chart, BTC/USD is correcting gains from $49,500 and it is likely to start a new increase as long as there is no close below $49,000. During the European session today, the Bitcoin price saw a steady increase above the $50,000 resistance level as the coin hovers at $50,728. At the moment, the Bitcoin price keeps hovering above the 9-day and 21-day moving averages.
Bitcoin Price Prediction: BTC Price Ready to Create More Ups
The Bitcoin price is seen retracing and trading above the moving averages as the market price stays under the daily high of $50,967 resistance as a sign of bullish momentum. More so, further increase in the bullish momentum may have to increase the price above this level; another resistance may come at $53,000 before reaching the potential resistance of $55,000, $57,000, and $59,000 levels.
However, if the resistance level of $50,000 failed to hold, it may reverse and face the support level at $48,000; further increase in the bears’ pressure may push down the price towards the lower boundary of the channel and possibly hit the critical supports at $47,000, $45,000, and $43,000. Meanwhile, the technical indicator Relative Strength Index (14) signal line is moving above 60-level to indicate a more bullish movement.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen trading above the 9-day and 21-day moving averages at $50,936. At the time of writing, the Bitcoin price is moving towards the upper boundary of the channel but any bearish cross below the 9-day moving average may drag the coin to the support level of $50,000 and below.
Furthermore, if Bitcoin finds a decent resistance level around $51,000 level, it may start another bullish movement above the upper boundary of the channel which may likely reach the resistance level of $52,000 and above. In other words, the technical indicator Relative Strength Index (14) is seen moving to cross into the overbought region, suggesting additional bullish signals into the market.
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Author: Azeez Mustapha