Bitcoin Technical Analysis September 12th

Important levels to watch

Bitcoin collapsed on September 7th after hitting a high of $ 53,000. The price hit a low of $ 42,900 on the same day and is currently trading at around $ 46,000.

The two main levels to watch upwards are $ 46,250 and $ 50,402. Where the lower level is the old support and now acts as a resistance.

It seems reasonable to say that the bulls will have to break out and close the daily / weekly candle above the $ 46,250 to $ 46,835 zone to start a rally. Resistance at $ 50,402 follows for the uptrend to resume.

Note that the moving average volume (aVWAP) at $ 43,634 provides strong support that the bulls can aggressively defend.

Therefore, for the next few days, I’m betting on Bitcoin that the price will move sideways between $ 43,634 and $ 46,835, followed by a breakout towards $ 50,402. The condition is that the fundamentals do not change – no economic factors disturb the global markets, war, military escalation, black swans….

Whenever Bitcoin hits a high above $ 53,000, $ 59,580 is the perfect resistance on Bitcoin’s path to a new ATH.

BTC / USDT 12-hour chart | Source: TradingView

That being said, by analyzing the Bollinger Band indicator, we can see that the decline was unusually volatile as the candle shadow fell on the zone of $ 42,000 to $ 43,000, which is outside the lower band of the indicator deviations below the 20th -Periods-MA). As long as Bitcoin is trading below or near the volatility floor determined by the lower band of the BB indicator, the chances of buying are better than selling.

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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