Technical analysis on Bitcoin for September 14th, 2023.
September 14, 2023 3:23 pm
Blue lines- Fibonacci retracement levels
Red lines- bullish RSI divergence
Green line- resistance trend line
Bitcoin is trading around $26,600 after making a new lower low at $24,925. The RSI did not make a new lower low. The RSI has provided a bullish divergence in the Daily chart. Price justifies a bounce higher towards the green resistance trend line. Price has thus far retraced 38% of the entire upward movement. Resistance by the green trend line is at $27,900. Bitcoin is expected to challenge this resistance trend line. Short-term trend remains bearish. The bullish RSI divergence does not mean that this is a reversal signal. Bears need to be cautious, but there is no trend change confirmation yet. We remain bearish as long as price holds below the green trend line.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels
Red lines- bullish RSI divergence
Green line- resistance trend line
Bitcoin is trading around $26,600 after making a new lower low at $24,925. The RSI did not make a new lower low. The RSI has provided a bullish divergence in the Daily chart. Price justifies a bounce higher towards the green resistance trend line. Price has thus far retraced 38% of the entire upward movement. Resistance by the green trend line is at $27,900. Bitcoin is expected to challenge this resistance trend line. Short-term trend remains bearish. The bullish RSI divergence does not mean that this is a reversal signal. Bears need to be cautious, but there is no trend change confirmation yet. We remain bearish as long as price holds below the green trend line.
The material has been provided by InstaForex Company – www.instaforex.com
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