Bitcoin (BTC) Price Analysis – September 24

Azeez Mustapha
  • The BTC price will be range bound at the support zone if the price breaks the  $6,400 price level.
  • The BTC price fell from the high of $6,823.47 and it is likely to test the $6,400 price level.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart By Trading View

BTCUSD Medium-term Trend: Ranging

Resistance levels: $6,800, $7,000, $7,200

Support levels: $6,500, $6,300, $6,100

Last week the BTC price was in a range bound movement. On September 17, the price of Bitcoin fell to the low of $6,211.45 and commenced a range bound movement. The cryptocurrency retraced to the low of $6,647.08 and commenced a range bound movement.

Today, the price of Bitcoin is likely to fall to its previous low of $6,415.68. However, if the price falls and breaks the $6,400 price level, the cryptocurrency will be range bound at the support zone and likely test the lower level of the range at $6,200. Meanwhile, the MACD line and the signal line are at par with the zero line which indicates a neutral signal.

Also, the price of Bitcoin is above the 12-day EMA and the 26-day EMA  which indicates that the price is in a bullish trend.

BTCUSD  Short-term Trend: Ranging      

Bitcoin, BTCUSD, CryptoCompare chart

On the 4-hour chart, the BTC price is in a sideways trend. The price of Bitcoin fell from the high of $6,832.47 and it is currently in a range bound movement. Meanwhile, the Relative Strength Index period 14 is level 48 which indicates that price is in the range bound zone.

 

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