BTC/USD Fails to Push Above $50,500
Bitcoin Price Prediction – September 4
At the moment, the Bitcoin price prediction shows BTC dropping over 0.30% after touching the daily high of $50,558.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $55,000, $57,000, $59,000
Support Levels: $45,000, $43,000, $41,000
The daily chart reveals that BTC/USD failed to break above the previous resistance level of $50,558. Moreover, the Bitcoin (BTC) begins the day off by trending lower toward the $49,400 level inside the channel. However, the first support level is located at $48,000. Beneath this, support lies at $45,000, $43,000, and $41,000 levels.
Bitcoin Price Prediction: What to Expect From Bitcoin (BTC)
Today’s trading marks another day that the Bitcoin price fails to stay above the resistance level of $50,000 as it looks to set up another few days of negative price declines beneath $49,000. Meanwhile, a break above the opening price of $51,000 would have set the first digital asset up to reach the nearest resistance at the $52,000 level. In other words, traders can clearly see Bitcoin fails to break up as the technical indicator Relative Strength (14) is likely to cross below 60-level.
Today, the price of Bitcoin couldn’t go higher as it is seen dropping towards the 9-day moving average. Although the candle is still yet to close and it does look unlikely that the bulls may end up closing above it. However, should the technical indicator moves below 60-level, the market price may end within the negative side but on the contrary, moving towards the upside could meet the resistance levels at $55,000, $57,000, and $59,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bears are seen coming back into the market as the bulls failed to defend the $50,077. However, the $48,500 and below may come into play if the bearish momentum increases within the market movement.
However, if the buyers hijack the current movement and push it upward, traders may expect a retest at the $50,000 resistance level; breaking this level could further allow the bulls to hit the resistance level of $51,500 and above. At the moment, the Relative Strength Index (14) signal line is seen moving below 60-level which could give additional bearish signals in the near future.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
