Bitcoin (BTC/USD) Market May Flip Bearish Despite Emerging Retracement
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Bitcoin Price Prediction – September 5
BTC/USD market may flip bearish despite emerging retracement. The price faces upward after hitting the $56500 support. The overall bearish trend is likely to resume once the emerging retracement ends after tapping into the liquidity void.
The BTCUSD market currently indicates a potential retracement to the upside before continuing its downward trajectory. The stochastic oscillator shows an oversold condition, with the %K line at 9.40 and the %D line at 13.73, signaling a possible short-term upward movement. Additionally, the simple moving average (SMA) at $57960 provides a key resistance level that the price may retrace towards in the short term before hitting major resistance.
BTC/USD Market Key Levels:
Resistance Levels: $71970, $73840, $80000
Support Levels: $62000, $56500, $49050
BTC/USD – Daily Chart
The BTCUSD daily chart shows that a short-term bullish retracement is about to set in.
The chart highlights a descent with resistance at $61910 and a downtrend line providing pressure on the price. A liquidity void lies near $61190, which could attract price action toward it before continuing downward.
A break of structure (BOS) can be seen below $56500, signaling a possible further decline. BTCUSD is currently trading at $56180 and will likely retest the upper resistance levels before moving lower.
What are the potential price targets for BTCUSD shortly?
If BTCUSD fails to break the resistance at $61910, the market will continue its bearish move. The retracement could end around the $60000 psychological level before heading down to $54250 and potentially lower to $49050.
BTC/USD – Four-Hour Chart
BTCUSD on the four-hour chart shows that a bullish move has begun. The bullish move began after the bearish trend failed to break through the $56500 support.
The price might head upward until the major resistance at $61910 is met. Nevertheless, the overall trend remains bearish as the bears are yet to leave the market.
Bitcoin (BTC) Current Statistics
The current price: $56180
Market Capitalization: $1,110,000,000,000
Trading Volume: $32,590,000,000
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