6 September Bitcoin price prediction – fast breakout aiming $2000?

Bitcoin is again trading in the lower zone of the 6000s after a lack of momentum to break above $7500. The following 6 September Bitcoin price prediction forecasts the possibility of price aiming $2000 as the next bearish target.

Bitcoin tried to break above $7500 but was resisted. Since the rejection, price has dropped $1000 to trade below $6500. $7500 was a strong diagonal resistance price which was supposed to complete the end of the last leg of the triangle corrective pattern which started early February after a brutal price fall from the all-time-high. The triangle, which has taken 7 months to complete, is about to break downside. Triangles are continuation patterns that often precede the last swing before a change of direction. The chart below shows the triangle pattern.

The b-d support line is held at $5700 which is now considered a strong technical support price level. What do you think might happen if $5700 is taken out with the current bearish momentum? Your guess is as good as mine. The next bearish target could be $2000 after price probably makes a corrective pause around $4000. Wave c and e have shown drastic reduction in bullish momentum. Since February, price hasn’t made any higher-highs to show its commitment to the bearish direction. A fast break below is now highly possible. The chart below shows wave e and the fast breakout.

6 September Bitcoin price prediction – fast breakout aiming $2000?

In less than a day, price has lost what it gained in the previous 2 weeks in a wildly bearish environment. The fall should continue unless a sudden rally happens above $7500. The next bearish targets are $4000 and $2000 after the triangle breakout.

Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.

Don’t forget to share this analysis with people that matter to you.

    Share Your Opinion, Write a Comment