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Home Bitcoin

Bitcoin Technical Analysis September 13th

September 13, 2021
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The Crypto Market Has Added Over 700 New Coins In Q3

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Bitcoin (BTC) fell significantly in the week of September 6-12, falling as low as $ 42,843 before rising to $ 46,000.

While BTC is still trading above the short-term support and showing some bullish signals, the long-term trend is slowly turning bearish.

The long-term movement of BTC

BTC created a large bearish candle last week with opening and closing prices at $ 51,756 and $ 46,025, respectively.

The price decline came after price was rejected by the rising support line it had previously broken and the supertrend resistance line (red symbol). Hence, BTC has now confirmed this line as resistance.

While the RSI is above 50 and the MACD is in positive territory, both are showing signs of weakness and are likely to fall.

As a result, the weekly chart is sloping down.

phan-tich-bitcoin

Weekly BTC / USDT Chart | Source: TradingView

Current support

The daily chart shows that BTC is still floating above the USD 43,950 support area. This level is both horizontal support and 0.382 Fibonacci retracement support.

However, the technical indicators are falling. The RSI has fallen below 50 and the MACD is about to break into negative territory.

Hence, the indicators favor a bearish outlook on the weekly timeframe, which means the trend could be bearish.

phan-tich-bitcoin

BTC / USDT daily chart | Source: TradingView

However, the two-hour chart shows that BTC is likely to rebound.

Both the short-term MACD and RSI create bullish divergences. Their trend lines are also still intact.

The next resistances are at $ 47,850 and $ 49,050, which are the 0.5 and 0.618 fib retracement resistance levels, respectively.

phan-tich-bitcoin

BTC / USDT 2-hour chart | Source: TradingView

Count waves

The most likely number of waves indicates that BTC is in wave B of the ABC flat correction structure.

Within this structure, the price is likely to fall as low as $ 42,855, which was hit on September 7th, before rising towards the aforementioned Fib resistance levels.

phan-tich-bitcoin

BTC / USDT 2-hour chart | Source: TradingView

You can see the BTC price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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Contents

  • The long-term movement of BTC
  • Current support
  • Count waves

Bitcoin March 1 technical analysis

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Contents

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  • Current support
  • Count waves
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