The crypto-market appears to be in a bullrun, as bitcoin prices surged above $7000 for the first time in the past 20 days. Also, the Crypto total market cap touched $230 Billion and still in momentum due to the outperforming altcoins today. Will BTCUSD pair break the $8000 by September end? Here is the Bitcoin Price Prediction for September.
29 August, AtoZ Markets – Bitcoin price was seen holding gains of almost 3% on Wednesday, as upside pressure steadily continues. BTCUSD sees a spiky higher volume pick up into the second half of the session and the market cap reaches $122.5 Billion. Also, the overall cryptocurrency market cap reaches above $230 Billion.
Bitcoin or BTCUSD seems to have made a recovery the last few days but since the start of this month, it has been trading in a big rising wedge that extends all the way to Bitcoin downtrend resistance. The above daily chart for BTCUSD shows that the price has room to rally till $7,400 level.
September Bitcoin Price Prediction
In the last 1 Week the price has moved by $ 436.32 (6.53%) with a total volume of over $ 2.67 Billion. The highest price, $ 7,136.71 , was on Tuesday, 28 August 2018 at 23:00 and the lowest price, $ 6,264.34 , was on Thursday, 23 August 2018 at 01:00 according to CryptoCompare price index. BTCUSD stays close to the crucial $7,000 level, which now serves as a support level.
Most importantly, ETF has now become a possible resistance for Bitcoin, which means if the SEC rejects all Bitcoin ETF and issues a negative statement, than the price might tumble.
According to Fibonacci retracement charts, the BTCUSD after a bearish pull in last few week is now trading above 38.2% Fibo. retr. zone. On the upside, if the BTCUSD pair remains stable above the 50% Fibo. retr. zone and bypass the Fibonacci golden ratio 61.8% zone than an upward pull towards $8000 could be seen in September. While above, the pair has a chance to resume the upside with the first aim at $7,400 level by the week end. On the downside, once below $7,000, the sell-off may be extended, extending the rally towards 23.6% Fibo retr zone i.e. near $6400- $6600 levels. The 100 SMA is still above the longer-term 200 SMA on the Daily time-frame to signal that the path of least resistance is to the upside.
- The relative strength index(14) value is above 50 which means “BUYING signal for Bitcoin.”
- The CCI(14) valued at 188.68 which signify buying signal.
- According to ATR(14), the BTCUSD pair is Less volatile in monthly timeframe.
Check the latest video by Yagub Rahimov, CEO of 7Marketz Group – explains “Why the Bitcoin is up for a bull run.”
BTCUSD Monthly Pivot Points
The Bitcoin has a significant monthly support near $6374 level and resistance near $8700 level.