Technical analysis update: BTCUSD (20th September 2021)
Price of bitcoin drifts lower towards 45 000 USD on Sunday to Monday night. We continue to be bearish on BTCUSD. Our short term price target remains 40 000 USD.
Technical analysis
We continue to observe price pattern in which Bitcoin increases in price over the weekend and then sells off on a Monday and during the week. It is visible that price exited its gap observable in the futures market (to the downside). We think this phenomenon suggests more selling pressure is on a way. RSI and Stochastic are very bearish at the moment. MACD is also bearish and it needs to be observed in the following days. We will look for MACD's crossover below 0 points to the bearish zone. We expect this to further bolster bearish case for BTCUSD. ADX hoovers around 24 points suggesting that trend of intermediate strength is present and building up in momentum. Because of these technical reasons we continue to be bearish on BTCUSD.
BTC1! graph (continuous futures market):
Above is depiction of BTC1! graph (continuous futures market). It is visible that price broke to the downside from gap zone.
Support and resistance levels
Closest support sits around 43 800 USD while major support level appears around 28 800 USD. Closest resistance sits around 53 000 USD and then around 60 000 USD. Then major resistance level appears around 65 000 USD.
Here is weekly graph of BTCUSD:
Weekly timeframe confirms that downtrend in BTCUSD is building up.
Here is our first idea on BTCUSD we published on 25th August 2021:
www.tradingview.com/...SD-25th-August-2021/
Here we noted that we had expected BTCUSD to peak around 53 000 USD before downtrend was to resume. We also layed out bearish case for BTCUSD.
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Technical analysis
We continue to observe price pattern in which Bitcoin increases in price over the weekend and then sells off on a Monday and during the week. It is visible that price exited its gap observable in the futures market (to the downside). We think this phenomenon suggests more selling pressure is on a way. RSI and Stochastic are very bearish at the moment. MACD is also bearish and it needs to be observed in the following days. We will look for MACD's crossover below 0 points to the bearish zone. We expect this to further bolster bearish case for BTCUSD. ADX hoovers around 24 points suggesting that trend of intermediate strength is present and building up in momentum. Because of these technical reasons we continue to be bearish on BTCUSD.
BTC1! graph (continuous futures market):
Support and resistance levels
Closest support sits around 43 800 USD while major support level appears around 28 800 USD. Closest resistance sits around 53 000 USD and then around 60 000 USD. Then major resistance level appears around 65 000 USD.
Here is weekly graph of BTCUSD:
Here is our first idea on BTCUSD we published on 25th August 2021:
www.tradingview.com/...SD-25th-August-2021/
Here we noted that we had expected BTCUSD to peak around 53 000 USD before downtrend was to resume. We also layed out bearish case for BTCUSD.
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Trade closed: target reached:
Short term price target of 40 000 USD was reached overnight.
