Bitcoin Price Prediction – September 27
The Bitcoin price continues trading sideways currently at $42,829 after another significant rejection from $44,366.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $39,000, $37,000, $35,000
After several rejections at the $45,000 level, BTC/USD is still flat and trading sideways but has seen a volatile move, peaking at around $44,366 before quickly dropping to $42,734 below the 9-day and 21-day moving averages. Therefore, the daily chart reveals that the Bitcoin (BTC) price is recovering and continues to trade sideways below the moving averages.
Bitcoin Price Prediction: Bitcoin (BTC) Could Rally Above 45k
According to the daily chart, the Bitcoin price is trading at $42,829 with a loss of 0.81%. However, the prevailing trend is ranging from expanding volatility as the first digital asset continues to consolidate in a bearish flag pattern. Meanwhile, a break above the moving averages is supposed to continue in the direction of the previous trend. In this case, traders expect BTC/USD to rise above $45,000 resistance before moving towards the potential resistance levels at $48,000, $50,000, and $52,000.
However, should the Bitcoin price failed to cross above the moving averages; the price could drop below the lower boundary of the channel and could head towards the $40,000 vital support. A further low drive could send the price to $39,000, $37,000, and $35,000 support. Therefore, the technical indicator Relative Strength Index (14) is seen moving sideways, which makes the market to be indecisive at the moment.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
On the 4-hour chart, we can see that the bears are still controlling the market, trading within the 9-day and 21-day moving averages. Meanwhile, the $41,500 and below may be visited if BTC/USD breaks toward the lower boundary of the channel.
However, if the buyers can push the market to the north, traders may expect a retest at the $44,000 resistance level. Breaking this resistance level may further allow the bulls to hit the $44,500 and above on the upside but the technical indicator Relative Strength Index (14) is moving to cross below 45-level, indicating some bearish signals.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider
- How to buy Bitcoin
- How to buy Cryptocurrency