- Bitcoin (BTC) trades in a descending channel pattern as technical indicators confirm bearish move for the market.
- BTC/USD pair may drop to $9400 support if the $10000 support fails to hold.
Since September 6, Bitcoin has continued to send panic into the market as the trend remains bearish, facing hurdles at the $10000 essential support that has been bolstering well for the past days. The September 19 break beneath the mentioned support could not hold bouncing near the $10400.
As of now, Bitcoin is aiming to fall again, but the key support is becoming a threat to the bears. However, the latest price drop has brought BTC down by -1.20% in the last 24-hours trading.
Bitcoin’s Current Statistics
Trading Price: $10020
Market Capitalization: $180,701,041,913
Trading Volume: $14,359,333,626
Key resistance levels: $10200, $10380, $10600
Key support levels: $9800, $9600, $9400
Bitcoin Price Prediction for September 21, 2019
Bitcoin is moving inside a descending channel pattern on the 4-hour time frame. After falling to $9600 support on September 19, BTC saw a quick price jump to the upper boundary of the channel, from where the bear resume pressure. Now, the price is facing the $10000 important support. Once this support breaks, the $9800, $9600 and $9400 support may come into play.
In the opposite direction, if the critical support can continue to provide support for the market, we can expect the price to climb back to $10200 and $10380 resistance before we can see a rise above the channel formation to meet $10600 and above. But as it stands now, BTC is on a downward range. There’s a high chance for a break than a bounce.
Conclusively
The $10000 support has continued to bolster well against bearish pressure, but it seems the support is getting weak by the day with two break attempts for the past two weeks. If the price breaks on a third attempt, BTC may leave the critical support level after a significant drop. However, on the upside, $10380 is a clear breakout for the buyers.
Technical Indicator Reading
The RSI has dropped back beneath the 50 level. A further drop may cause the Bitcoin price to fall seriously to the oversold zone.
The MACD is still playing in the negative zone, indicating that the market is revealed in a bearish condition on the 4-hour chart.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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