Technical analysis on Bitcoin for September 25th, 2023.
September 25, 2023 1:26 pm
Green line -resistance trend line
Blue line -support trend line
Bitcoin is under pressure. After bouncing higher towards the green resistance trend line as expected, price got rejected and is now moving lower. Resistance remains key at $27,450. Price formed a lower high and bulls were unable to break above the resistance trend line. Bitcoin price has support at the blue horizontal line at $24,750. Bitcoin is vulnerable to a pull back towards this support level. A break below it will open the way for a move lower towards $22,000. Near term trend remains bearish as price continues making lower highs and lower lows.
The material has been provided by InstaForex Company – www.instaforex.com
Green line -resistance trend line
Blue line -support trend line
Bitcoin is under pressure. After bouncing higher towards the green resistance trend line as expected, price got rejected and is now moving lower. Resistance remains key at $27,450. Price formed a lower high and bulls were unable to break above the resistance trend line. Bitcoin price has support at the blue horizontal line at $24,750. Bitcoin is vulnerable to a pull back towards this support level. A break below it will open the way for a move lower towards $22,000. Near term trend remains bearish as price continues making lower highs and lower lows.
The material has been provided by InstaForex Company – www.instaforex.com
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