Bitcoin Technical Analysis Report | 18th-September-2023

Bitcoin is poised to conclude the week with gains, signalling a potential resolution of the ongoing uncertainty between buyers and sellers in favour of the bulls. On September 14th, Bitcoin managed to climb above the 20-day exponential moving average, currently situated at $26,303, which suggests a diminishing selling pressure. Since then, the bulls have successfully defended against multiple attempts by bears to drive the price below the 20-day EMA. While this recovery is still in its early stages, the upcoming Federal Open Market Committee meeting on September 20th could introduce additional volatility.

At the time of writing, BTC was trading at $26,666.

Chart Source: Trading View
BTC last week, again tested the critical support of $25,000 (Horizontal Trendline & 50% Fibonacci Retracement Level)  as it made a low of $24,901. However, it failed to give a daily closing below the support and after that, the asset witnessed some recovery as it rallied up to $26,888 by forming four consecutive green candles. BTC has strong resistance at $28,500 and $32,500 and to catch a rally it needs to break, close and sustain above $32,500 whereas a break below the support of $25k will lead to further downfall.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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