Bitcoin fell from $11,800 (resistance) to the $ 10,000 in early September that depreciating about 15 percent. The first half of September was crawl in the range of 10,100 – 10,400 dollars. The bulls didn’t allow to drop below this support level, although there were sags below the $ 10,000 psychological support in daily movements.
Bitcoin began to Rise on the Second Half Of The September
At the daily chart of BTC/USDT, it is clear that the $10,400 area has been resistance for a significant period of time. As a result of the September 14 Bitcoin trade, the day’s closing was over $ 10,400, which allowed BTC to enter an uptrend in the short term. As a result of this jump, there was an increase towards $ 11,100 on September 16th.
BTC/USDT Daily Chart
In the current situation, the 20-day moving average and the falling trend of Bitcoin from its recent highs appear to be a support for BTC/USDT. If Bulls manage to hold onto the support in the $ 10,800 average band this week, they can target the 50-day moving average level of about $ 11,250 as the first. If the $ 11,250-350 area is successfully crossed (day close above), we can see that $ 11,800 could be retested.
In the decline scenario, the support of $10,800 is an important place. We can see that if there is a one-day closing below this price, Bitcoin can fall again to $10,100 against the dollar. In this downtrend, $ 10,500 can work as half support.
BTC/USDT 3H Chart
In the short-term outlook for Bitcoin, a downtrend started on the evening of September 16 (after FED announcements). It is extremely important that this move ends at the $10,800-750. Because in the last 5 days, when the bottom and peak prices are taken as a reference, the Fib 0.382 value corresponds to $ 10,750. In the case of daily closing below this value, we can see a decline towards the Fib 0.618 level in the first place towards the $ 10,500 band.
September 17 Bitcoin Weekly Analysis: Latest on Technical Indicators
The key technical indicators Stoch RSI, RSI, and MACD indicator are as follows:
Stoch RSI: The indicator is pointing towards the overbought territory. With its current situation, it does not seem like a correction has given a directional signal yet.
RSI: We can see that the upward movement may slow down as the relative strength index, which looks like a downward curve from the 50 levels, remains below this level.
MACD: it is in the positive zone with its last appearance. A decrease in Bitcoin may accelerate if the indicator shifts below the “0” value.
