Technical analysis update: BTCUSD (24th September 2021)

In our previous thought we noted that downtrend was to resume once retracement towards SMA was complete (after slump towards 38 000 USD). Bitcoin did exactly what we predicted and after completion of retracement it dropped more than 9%. We continue to be bearish on BTCUSD as technical analysis supports this thesis. Our short term price target of 37 500 USD remains in place.

Technical analysis
MACD, Stochastic and RSI are all bearish. ADX continues to grow which suggests that momentum in downtred is building up. Because of that we expect more selling pressure to occur in the following days.

Support and resistance
Closest support sits near 37 500 USD. Below that major support level sits near 28 600 USD. Closest resistance appears near 43 000 USD. Another resistance above that sits around 53 000 USD while major resistance sits at all time high near 65 000 USD pricetag.

Here is our previous thought from 22nd September 2021:

Here we layed out bearish case for BTCUSD. We also set new short term price target after reaching our previous short term price target of 40 000 USD. In addition to that we noted that retracement towards SMA was taking place and downtrend was to resume once retracement was completed.

Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

Trade ativo:

Trading over the weekend was mostly flat with little gains. We expect hourly timeframe to get overbought overnight. We think this suggests that drop will continue once futures market open on Monday.

Trade ativo:

Technicals remain bearish.

Trade ativo:

Downtrend lost momentum over the past week. We are turning neutral on BTCUSD. We abandon short-term price target of 37 500 USD and we will closely watch 48 800 USD price level. If resistance manages to hold rise there then resumption of downtrend is likely. However, if resistance is going to get pierced then it is likely that more upside awaits BTCUSD.

Trade ativo:

Daily time frame turned bullish in last two days. However, we remain very sceptical of this price action since hourly time frame reached extremely overbought condition.

We will observe 48 800 USD price level and we will closely watch BTCUSD for any weakness or strength. It resistance is broken then new bullish trend may begin. But as we noted previously we are currently neutral and overall sceptical of this move.