Price Analysis

Bitcoin: May be Ideal for Long-term Investment, but Doubtful for Short-term Investment

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Bitcoin, along with other major cryptocurrencies, saw a sharp nosedive last Wednesday. With such volatility faced by BTC and other major coins, China seems to be launching a state-backed cryptocurrency as BTC had a significant impact on the China market. However, nothing seems to be confirmed yet.

Bitcoin Price Analysis and Forecast

The month of September started with crawling BTC prices. The price of Bitcoin is recently seen trading at $9773.01 at 08:05 UTC on 2nd September 2019. Yesterday at 04:07 UTC, Bitcoin price was seen trading below the baseline at $9644.91. The value went further down by 0.82% by 17:47 UTC with the trading value of $9565.47. By evening around 22:31 UTC, BTC price saw a tremendous escalation by 2.66% when the trading value changed to $9819.06, which is dropped by 0.45% as of now.

Bitcoin Price

Bitcoin is trading with the bearish nature. So, for traders who wish to trade BTC; this might be an opportunity to enter the coin with low price. Bitcoin isn’t showing sharp bearish claw, but it might drop down to the same. BTC has been a discussion for short-term and long-term investment, but it is vital to take an impactful decision to avoid any losses.

The calculated resistance and support levels are helping the traders as of now to avoid sudden jerks and losses in the Bitcoin fluctuations:

Resistance Levels

  • R3: $10,055.99
  • R2: $9,926.38
  • R1: $9.842.17

Support Levels

  • S1: $9,628.35
  • S2: $9,498.74
  • S3: $9,414.53

Short-term Investment: Concluding the short-term investment analysis, Bitcoin might be dropping further down below the baseline, so it might be risky to involve in the short-term investment goal of BTC as of now.

Long-term Investment: Traders who are connected to the Bitcoin from a quite long time now; they are enjoying good returns and hope to succeed the same in the future too.

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