Bitcoin Technical Analysis September 9th

Bitcoin (BTC) regained its position after falling sharply on September 7th and bounced from the USD 44,000 support area the next day.

Despite the short-term rally, long-term indicators are starting to warn of a possible reversal of the downtrend.

The jump continues

BTC slumped on September 7th after hitting a local high of $ 52,920. The decline brought it to as low as $ 42,483. On the same day, however, a strong crack followed, which produced a very long lower wick (green).

The decline confirmed the horizontal zone of $ 44,000 and the super trend line (green) as support.

Although BTC has bounced back, the technical indicators are still falling. The MACD has fallen into negative territory and the RSI is below 50 (red symbol). The movement of the RSI above 50 is a signal that will trigger the entire uptrend that began on July 20th.

Although the price action looks bullish, the price still shows the possibility of a rebound.

BTC / USDT daily chart | Source: TradingView

Future movement

The 2-hour chart is currently showing signs of a near-term reversal. The MACD has shown a bullish reversal signal and the RSI is turning up after creating a bullish divergence.

If the recovery continues, the closest area of ​​resistance can be found between $ 47,850- $ 49,050. These goals are the 0.5-0.618 fib retracement resistance when measuring total downward movement.

BTC / USDT 2-hour chart | Source: TradingView

Count waves

Due to the sharp decline and rebound, we can use the line graph to get the short term wavenumber.

The short-term numbers show that BTC has completed the third wave and is currently correcting upwards within the fourth wave.

That move will likely place it in the above $ 47,850 to $ 49,050 resistance range.

BTC / USDT 2-hour chart | Source: TradingView

In the long term, this impulse will complete wave A of the ABC correction structure.

While the bottom of wave C cannot be pinpointed yet, both the long-term uptrend and the downtrend suggest that the short-term decline will come first.

BTC / USDT 12-hour chart | Source: TradingView

You can see the BTC price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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