#Bitcoin Price Forecast: $BTC faces rejection from the 50-day EMA 

Bitcoin price failed to find support around the daily level of $116,000 on September 19 and declined 3.19% over the next four days, closing below at $113,762 on Monday. BTC recovered slightly on Wednesday, At the time of writing on Thursday, it trades down at around $111,300.

If BTC continues its ongoing correction, it could extend its decline to retest the next daily support at $107,245.

The Relative Strength Index (RSI) on the daily chart reads 42, below its neutral level of 50, indicating bearish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover on Monday, giving a sell signal, which is still in effect. Moreover, the rising red histogram bars below the neutral level also suggest a bearish momentum and continuation of the downward trend.

However, if BTC closes above the 50-day EMA at $113,762 on a daily basis, it could extend the rally toward the daily resistance at $116,000.