Bitcoin (BTCUSD) Price Forecast: September 11
The BTCUSD price is likely to surge higher to retest above the $31862.21 high mark. The crypto having rebounded on the 4-hour chart will most likely continue its bullish correction and the price could go higher and hit the mentioned resistance value. If buyers could add more energy and break up the $31862.21 supply mark, then we can expect a good upside momentum up to the $32000.00 upper high value.
Key Levels:
Resistance Levels: $28000.00 $29000.00, $30000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
The BTCUSD pair portrays a bearish market trend in its long-term outlook. The price responded to the shift in the market structure and is currently below the moving averages. Thus, the price may surge higher soon as the market now trades in the oversold region.
The bearish pressure at the $25906.24 support level in the previous session has made the coin stay below the supply trend levels in its recent low.
Actions from the sell traders further dumped the largest cryptocurrency price to a $25791.45 low level below the two EMAs as the daily chart opens today. This is due to low bullish momentum which is about fading off.
With the overall market trend still bearish, the Bitcoin price is likely to surge higher and retest the higher accumulation zone of $31862.21 to restore the recovery sentiment in the crypto market.
In addition, the BTCUSD market is oversold, which means that the selling pressure might end soon, we can therefore expect the returns of the long traders, and in that case, the crypto may likely surge higher to hit the $31862.21 soon in its higher time frame.
BTC (USD) Medium-term Trend: Bearish (4H Chart)
The currency pair’s orientation trades in a bearish market in its short-term outlook. The price bar is seen below the moving averages. The coin has now rebounded after its massive drops, and this may surge higher to retest the previous high soon.
The intervention of the sell traders to a $25640.10 low value in the previous action has made the coin price drop below the supply trend line in its recent high.
Today, the buy traders made a correction at a $25925.82 supply value below the moving averages to resume its uptrend. This indicates an established bull trend. Thus, it is very likely that the bulls will continue rising as we are seeing a bullish correction in place at the present.
Further, the daily stochastic indicates an uptrend, in this case, the price of Bitcoin might continue its bullish trend pattern and the price could grow further to reach the $32000.00 supply mark sooner in its medium-term outlook.
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