Bitcoin (BTCUSD) Price Forecast: September 14
The BTCUSD price is in an attempt for the next upward rally as begins its bullish correction. The coin is moving upward, and if all support levels hold and resistance breaks out of the $70,032 level, we can see a further change in the price to retest the $71,804 barrier level, setting the potential for a prolonged recovery.
Key Levels:
Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $43,000, $42,000, $41,000
BTC (USD) Long-term Trend: Bearish (Daily Chart)
After updating the lows, BTCUSD begins its bullish correction as bulls continue to push the coin price toward the resistance in its long-term outlook. Hence, the coin price is below the supply level, indicating a bearish trend.
The price of the cryptocurrency has fallen below the supply trend lines as a result of the bears’ pressure, which brought it to a low of $55,534 during yesterday’s session, but it now appears like the bulls are set to take control and drive us forward as it begins its bullish correction.
The Bitcoin price responded to the shift in the market structure and is currently below the moving averages at the $58,600 resistance value as the daily chart opens today. Further increase in the buying pressure will invalidate any further bearish thesis.
If the bullish correction follows through, buyers’ push may likely break above the $71,804 resistance neckline, suggesting a better signal of a bullish recovery.
Additionally, the daily stochastic suggests an uptrend, indicating the continuation of the bullish correction, resulting in the $73,000 resistance trend line or higher as the BTCUSD begins its bullish correction in the long-term forecast.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The BTCUSD pair remains in the bullish market zone as it begins its bullish correction in its medium-term view. The price staying above the EMAs confirms its bullishness and the upward move could lead the coin price to the $73,000 high level.
The coin has been making higher highs and higher lows in the previous actions which has made it possible for the coin price to maintain an uptrend in its recent high.
The Bitcoin market price begins its bullish correction as the bulls moved the crypto price to $58,469 above the EMA-50 as the 4-hourly chart opens today, indicating that the coin bulls have started the bullish correction.
Hence, maintaining above the moving average will give the coin price the tendency to rise higher, resulting in an intraday gain for the coin buyers.
Additionally, the Bitcoin market is trending upward, as shown by the daily stochastic and this may continue. In light of this, it is suggested that the bulls will swing the coin price upward and may eventually hit the $73,000 supply value in the coming days as it begins its bullish correction in its medium-term perspective.
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