Bitcoin (BTCUSD) Price Forecast: September 18
There is a possibility for the BTCUSD pair to experience a bullish reversal and price hitting the $31862.21 resistance sooner. If the forces from buyers in the market should increase and the current support level at $26426.92 holds, the coin price may possibly retest the $31862.21 previous high and beyond.
Key Levels:
Resistance Levels: $26000.00, $27000.00, $28000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
The Bitcoin market is having a bullish posture in its long-term outlook as can be seen from the chart below. The price bar is above the EMA-9 which has confirmed its bullishness. Thus, with the current trend, the price hitting the $31862.21 resistance could be achieved by the bulls if all the support holds. 
The sustained pressure from the bulls at the $26602.42 supply level in the past few days has contributed to its bullishness in its recent price level.
The drop in the price of BTCUSD to the $26426.92 low value below the two EMAs on the daily chart today has no serious effect on the market as the price remains in an uptrend. Hence, staying above the supply levels indicates a strong possibility for a bullish correction.
A strong breakup above the $31020.54 resistance point would invalidate the bearish move and strengthen the bullish pressure.
Additionally, the price of Bitcoin could go higher than the current price, if the bulls can put more tension to the activities in the market and exchange hands with sellers at the mentioned support, the bulls might target hitting the $31862.21 resistance value soon to boost the recovery pattern in its higher time frame.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
BTCUSD is displaying a bullish scenario in its long-term outlook as can be seen from the chart below. It also shows the impeding next big move in the price. Thus, bulls are gathering momentum to take us higher, and hitting the $31862.21 resistance could be the target.
Despite the interactions from the short traders, the bulls caused a rise to a $26572.06 high level above the two EMAs as the 4-hour session opened today. Thus, buyers need to add more pressure to their activities to move the market beyond the current price level.
However, the price of Bitcoin may possibly rise further if the current support level at $26528.98 holds. The price action hitting the $31862.21 resistance mark and beyond might be the target in its medium-term perspective.
Buy Bitcoin on eToro
Leave a Reply