Bitcoin (BTC) Price Prediction – September 24
The Bitcoin price has dropped from $11,081 to $10,135 over the last five days, falling within the symmetrical triangle formation.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $11,100, $11,300, $11,500
Support Levels: $9,900, $9,700, $9,500
After touching the daily low of $10,192, BTC/USD is now attempting to rebound higher. Today, Bitcoin (BTC) managed to find support close to $10,000 and now making its way toward the $11,800 region. Moreover, despite all the recent declines in price, the Bitcoin (BTC) remains in trading sideways below the 9-day and 21-day moving averages.
What to Expect from Bitcoin (BTC)
However, Bitcoin is currently neutral at this moment in time and may prevent itself from turning bearish if the coin can manage to break back above the moving averages pretty quickly. Similarly, for the coin to start creating a short term bullish trend, it would need to break above $11,000. More so, if the bulls push higher, the first level of resistance lies at $10,800. Above this, other resistance levels are located at $11,100, $11,300, and $11,500.
On the other hand, if the sellers push lower and it crosses below the moving averages, the support levels may be found at $9,900, $9,700, and $9,500. Meanwhile, as the daily chart reveals, the RSI (14) is suggesting an upward movement for the coin where the signal line is seen moving above 48-level.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
The 4-hour chart reveals that the market is following a positive sign as the price moves above the 9-day and 21-day moving averages. However, the intraday trading is looking bullish; following the recent rebound at $10,192 which is the key support level but now trading at $10,783. More so, the critical support levels lie at $10,400, $10,200, and $10,000.
However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $10,900 resistance. A climb above the mentioned resistance may further push BTC price to $11,000, $11,200, and $11,400 resistance levels. As it is now, it seems the market may likely follow the new bullish movement as the RSI (14) focuses and moves above 60-level, which indicates bullish momentum.