September 17 Bitcoin Weekly Analysis

In September 17 Bitcoin weekly analysis, we reviewed the critical levels that BTC/USDT may encounter in the second half of the month.

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

september 17 bitcoin
technical analysis tool: EngineeringRobo

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

september 17 bitcoin
technical analysis tool: EngineeringRobo

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:

september 17 bitcoinStoch 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.

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Disclaimer: The information in the content is not an investment advice. Author and coinalways.com are not responsible for your profit or loss. Every investment involves risks and requires knowledge.

Coin Analista
Coin Analistahttps://coinalways.com
Building his career on finance and banking, the veteran analyst decided to devote his experience to cryptocurrencies and forex. Co-founder @ Coin Always.

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