Bitcoin Price Prediction – September 29
Today, the Bitcoin price prediction shows BTC moving against the USD as the coin heads toward the 9-day moving average to gain more uptrends.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $46,000, $48,000, $50,000
Support Levels: $37,000, $35,000, $33,000
BTC/USD is having a bullish after the bearish movement yesterday which brings the price from the resistance level of $42,166 to hit the support level of $40,897. A few days ago, the Bitcoin price hit the resistance level of $44,000 and moved above it slightly before retreating back below the 9-day moving average. However, the price of the leading crypto asset is now heading towards the north, in fact, traders can say that the king coin has returned back above the resistance level of $42,000.
Bitcoin Price Prediction: Bitcoin (BTC) May Recover Some Losses
At the time of writing, the Bitcoin price is currently hovering above the crucial levels which could function as the support zones in case a reversal occurs. Looking at the upside, as the coin moves and prepares to break above the 9-day and 21-day moving averages, little is in place to prevent correction targeting the key resistance of $45,000 as the technical indicator Relative Strength Index (14) moves above 40-level.
Nevertheless, the king coin is banking on the support at $40,000 to ensure that in spite of a reversal, the Bitcoin price stays above the $42,000 level. Similarly, the nearest resistance levels may be located at $46,000, $48,000, and $50,000 while the support levels remain below the lower boundary of the channel at 37,000, $35,000, and $33,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
The 4-hour chart shows that the price is on its way down as the technical indicator Relative Strength Index (14) moves below 50-level to confirm the downtrend. Although bulls are making effort to push the coin above the 9-day and 21-day moving averages. On the other hand, the market price may experience more downtrends if the price slides below the 9-day moving average.
Meanwhile, the support level of $40,500 and below may come into play if the price breaks toward the lower boundary of the channel. But if the buyers gather enough momentum and power the market; they can push the price above the upper boundary of the channel where it could hit the resistance level of $44,000 and above.
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