Bitcoin Price Prediction: September's third weekend of pain vs. gains
- Bitcoin price has hurdles back above $19,000 as the Friday session comes to a close.
- Still, the volume profile indicator shows sparse reading amidst the current uptrend move.
- A hurdle of the 8-day exponential moving average could prompt more gains in the short term. A rejection could catalyze a sweep-the-lows event.
Bitcoin price is in a make-or-break situation going into this weekend. Key levels have been defined.
Bitcoin price setting up for a move
Bitcoin price is erratic as the third trading week goes into the weekend session. Throughout the week, the BTC price fluctuated between the $18,000 and 19,500 zones. The Relative Strength Index breached extremely oversold conditions amidst the turbulent price action, which could lead to more upside potential in the short term.
Bitcoin price currently auctions at $19,231. The bulls attempt to reconquer the twice-rejected 8-day exponential moving average (EMA) at $19,400. If the bulls can successfully hurdle this barrier, a rise toward the 21-day simple moving average at $20,000 should occur. If this scenario pans out, a bullish crypto environment could take place for the Crypto Market as the BTC price tries to find a stable floor.
BTC USDT 4-Hour Chart
Still, there is a chance that the 3rd encounter with EMA will be the catalyst for a much more significant decline. If the bulls cannot hurdle the barrier, a sweep the lows event targeting the June 13 low at $17,622 is likely to occur.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
