Bitcoin Price Prediction: BTC/USD May Slide Below $40,000
Bitcoin Price Prediction – September 25
The Bitcoin price prediction stares into a bottomless pit, especially if the pennant pattern support is broken.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $47,000, $49,000, $51,000
Support Levels: $38,000, $36,000, $34,000
At the time of writing, BTC/USD is hovering at $42,618. There have been instances when BTC has exchanged hands below $42,000 sustaining the bearish price action is a downhill task. As it stands now, the path of least resistance is still downwards. A glance at the daily chart shows the formation of a bearish pennant pattern.
Bitcoin Price Prediction: BTC Price May Create New Low
Looking at the technical indicator Relative Strength Index (14) in the daily range, as the Bitcoin price is not yet done with the downside. Meanwhile, despite the drop suffered, the RSI (14) remains above 40-level. This means that there is still room that could be explored by the bears. Moreover, the coin may continue to follow the downtrend in as much as the price remains below the 9-day and 21-day moving averages.
From above, recovery may not come easy but support will have to be sort for above the moving averages and a sustainable move above this barrier could be located around the $43,000, which could negate the bearish scenario and allow for an extended recovery towards the resistance levels at $47,000, $49,000, and $51,000. However, an increase in selling pressure could force the Bitcoin price towards the supports at $38,000, $36,000, and $34,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin bulls have not been able to push the market price above the 21-day moving average. BTC/USD has survived the $42,500 support as the market recovers above $40,000. The king coin is likely to return to the bull market if the price breaks above the 21-day MA. Meanwhile, higher resistance could be located at $45,000 and above.
However, if the selling pressure continues, even $41,000 may not be able to hold the support as the technical indicator Relative Strength Index (14) moves in the same direction. More so, the coin is likely to fall to $40,000 and below if the price falls below the 9-day moving average.
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