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Bitcoin Price Prediction – September 17
The BTC/USD market is hovering around the $20,000 psychological trading line. The price line has been a trading zone for a long time and shows sustained downward trending energy below the price line. Seven days ago, the price traded between $19,400.08 and $22,673.82 points.
Bitcoin (BTC) Statistics:
BTC price now – $19,846.60
BTC market value – 379.8 billion dollars
BTC circulation supply – 19.2 million
Total supply of BTC – 19.2 million
Coinmarketcap Rank – #1
BTC/USD market
Key steps:
Resistance levels: $22,500, $25,000, $27,500
Support Levels: $17,500, $15,000, $12,500
BTC/USD – Daily Chart
The BTC/USD daily chart shows the crypto market hovering around the $20,000 logical low price line. Below the 50-day SMA indicator at $23,337.15, a bearish candlestick has broken below the 14-day SMA trendline at $20,674.56. The upper line is drawn at the $25,000 resistance level. The Stochastic Oscillators moved southward from the overbought range to reach the 44.23 and 42.24 range lines. If the blue line crosses back above the red line, the market will tend to reverse in the short term.
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Will the BTC/USD market break below the $20,000 psychological level at this point?
Not yet; As the trade hovers around the value line, the BTC/USD market will sustainably decline above the $20,000 psychological level. It may be taking another round indefinitely before the bulls find the strength to push the value of the crypto economy from its current trading zone to a higher point. In other words, trading activities extend the activity in a less active mode for a period of time.
On the downside of the technical analysis, a trading resistance point for short position seekers who want to sell at all costs moving the market momentum is placed at the 14-day SMA trend line. From a technical perspective, the decline in trading activity below the designated lower range line cannot be sustained for long. Based on that sentiment, those taking a short position should be wary of placing new sell orders at this time.
BTC/USD 4-hour chart
The medium-term chart of BTC/USD shows a psychological trading level around $20,000 for the crypto trade in the long term. A few days ago, the market faced resistance around the mid-range trading points of $22,500. The 14-day SMA is at $20,223.37, with the 50-day SMA indicator below the $20,522.58 price line. Stochastic Oscillators have turned north from the oversold range. And they are at 74.16 and 95.15 range points. The reading suggests that there may still be another round of range-moving mode around the lower horizontal trading line.
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