Technical analysis on Bitcoin for September 11th, 2023.
September 11, 2023 1:22 pm
Black line- major resistance
Green line- short-term resistance trend line
Yellow rectangle- support area
Bitcoin is trading around $25,600. Price has made no real progress over the last two weeks after the sharp decline at the beginning of August. Bulls tried to push price higher and formed a lower high at $28,136, but price came back down towards the recent lows. Technically trend remains bearish. The RSI is off the oversold area. Price has made no real bounce higher and the green resistance trend line has not been seriously tested so far. Bitcoin remains vulnerable to a move lower towards $23,500 at least. Short-term resistance is found at $28,000. Bulls need to break above this level in order to hope for a bigger trend change.
The material has been provided by InstaForex Company – www.instaforex.com
Black line- major resistance
Green line- short-term resistance trend line
Yellow rectangle- support area
Bitcoin is trading around $25,600. Price has made no real progress over the last two weeks after the sharp decline at the beginning of August. Bulls tried to push price higher and formed a lower high at $28,136, but price came back down towards the recent lows. Technically trend remains bearish. The RSI is off the oversold area. Price has made no real bounce higher and the green resistance trend line has not been seriously tested so far. Bitcoin remains vulnerable to a move lower towards $23,500 at least. Short-term resistance is found at $28,000. Bulls need to break above this level in order to hope for a bigger trend change.
The material has been provided by InstaForex Company – www.instaforex.com
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