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Bitcoin (BTC/USD) Price Draws Backward Toward $50,000

Bitcoin Price Prediction – September 7
The financial record book kept, showing the market operations between Bitcoin and the US fiat currency has it that the crypto’s price draws backward toward the level of $50,000 while it couldn’t push to upside further beyond $55,000 resistance line. The market’s trading valuation is seen around $51,300 at a negative percentage rate of about 2.25.

BTC/USD Market
Key Levels:
Resistance levels: $55,000, $57,500, $60,000
Support levels: $50,000, $47,500, $45,000


BTC/USD – Daily Chart
The daily chart depicts that the BTC/USD price draws backward between high trading zones of $55,000 and $50,000. The lower bullish channel trend-line drew a bit extensively past alongside the 14-day SMA indicator to touch the smaller value line mentioned earlier above the 50-day SMA indicator. The Stochastic Oscillators are seemingly attempting to close the lines at range 80. That could cause a stop of price motion for a while.

Could the current downward pressure get heightened as the BTC/USD price draws backward?

It could only be that the present downward pressure is necessary to occur to allow the BTC/USD market bulls find support to re-launch their positions. The heightening of the current downward pressure may not be weighty to breach past the $50,000 level sustainably. A price retracement movement, touching around the support line of that value line will potentially witness a quick re-bouncing motion.

On the downside, the present downward trading situation of the market needed to be capitalized upon by the BTC/USD market bears to hold against any attempts that the market may tend to swing up back. Breaking down of the $50,000 level will cause the decline, extending to a lower support line around $45,000. The positioning of the 50-day SMA indicator beneath the point suggests that there are far-reaching support lines that they may have to breach through if the downward pressure has come to stay again.

BTC/USD 4-hour Chart

There has been a bearish candlestick, signaling a start of downward pressure from a higher trading zone of the BTC/USD market. The crypto-economic price draws backward during today’s session. The bullish channel trend lines are still in place, playing a relevant part in other trading indicators. The 50-day SMA trend-line is around $50,000 in conjoining with the lower bullish trend-line underneath the 14-day SMA trend-line. The Stochastic Oscillators have swerved southbound, closely to the range of 20. That connotes the possibility of seeing an early rallying motion against the downward pressure.

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Author: Azeez Mustapha

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