Bitcoin Price Prediction – September 1

The Bitcoin price retested the $46,500 support level as it is now rising, but it must stay above $47,500 for a steady increase.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $52,000, $54,000, $56,000

Support Levels: $44,000, $42,000, $40,000

BTC/USD is currently recovering from the $46,537 support zone as the Bitcoin price needs to cross above the 9-day and 21-day moving averages to keep the uptrend intact. The daily chart reveals that traders could see that the king coin is yet to cross above the 9-day MA and this could mean that the Bitcoin price may drop to retest the $46,000 support.

Bitcoin Price Prediction: Would Bitcoin Price Stay Higher?

As seen on the daily chart, the Bitcoin price is moving closer to the 21-day MA as the coin begins the new month with a new note. In the meantime, traders could see that the Bitcoin price has continued to converge above the key level of $47,000. The Relative Strength Index (14) moves toward 55-level in an attempt to probably cross back to the north. That signals that the return of a bullish uptrend may come to play.

However, the first major resistance is near the $48,000 level, therefore, a clear break above the $50,000 level could set the pace for a larger increase to $52,000, $54,000, and $56,000 resistance levels. On the contrary, if the Bitcoin price fails to clear the $47,000 resistance, it could start a new decline as the initial support on the downside is near the $46,000 level. If there is a downside break below the $45,500 support and $45,000, the price could see a sharp decline towards the support levels of $44,000, $42,000, and $40,000 respectively.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

The 4-hour chart for BTC shows that the coin is following a sideways movement. However, the Bitcoin price is currently crossing below the 9-day and 21-day moving averages. Any further bearish movement could hit the key support level at $46,500 and below.

However, considering the recent sharp rebound, the Bitcoin price may move back above the $47,500 resistance. A climb above the mentioned resistance may further push the BTC price to the resistance level of $48,500 and above. As it appeared now, it seems the bears may likely return to the market as the Relative Strength Index (14) is now moving below 50-level, suggesting bearish movement.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Stays Above $47,500 Level
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-stays-above-47500-level

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