Bitcoin (BTC) Price Analysis – September 25

  • The BTC price is likely to test the previous range bound zone of $6,200- $6,400.
  • Traders will make partial profits if they initiate long trades at the end of the bearish trend.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart By Trading View

 BTCUSD Medium-term Trend: Bearish

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

Support levels: $6,300, $6,100, $5,900  

The price of Bitcoin was in a bearish trend yesterday The bullish momentum  is gradually fizzling out as the bears approach the previous range bound zone of $6200-$6,400.The bears will be erasing the gains of the bulls if they break the $6,400 price level . This in effect will mean the price will fluctuate between the range bound zone.

If price fluctuates the bearish pressure is likely to break the $6,200 price level which is the lower level of price range. That means that the critical support level of $5900-$6,000 will be tested again.  Traders are to initiate long trades immediately the bearish trend comes to an end.

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 below the 12-day EMA and the 26-day EMA  which indicates that price is in a bearish trend.

BTCUSD  Short-term Trend: Bearish    

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart By Trading View              

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 35 which indicates that the market is oversold suggesting bulls to take control of the market.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.