Bitcoin Technical Analysis Report | 11th-September-2023

Bitcoin has been trading in a relatively tight range around the $26,000 level, and market indicators are sending mixed signals, making it difficult to determine whether the bulls or bears currently have the upper hand. The downsloping moving averages suggest a bearish trend, but the positive divergence on the relative strength index (RSI) indicates a potential reduction in selling pressure. 

At the time of writing, BTC was trading at $25,750.

Bitcoin Daily Chart | 11th September 2023
Bitcoin (BTC) Chart

Bitcoin continues to trade sideways from $25,500 to $26,500 with low volumes. The bulls are defending the crucial support level of $25,000 (Horizontal Trendline & 50% Fibonacci retracement Level). If it holds and sustains above the support then we may expect the bulls to resume the up move whereas a break below the support will lead to further downfall. $32,500 will be the major hurdle for bulls and to witness a rally BTC needs to break, close and sustain above the resistance level of $32,500.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

ZebPay Weekly

Subscribe for latest crypto news & stay updated!

    Start Trading Now