Following the most recent action, it is seeing a reversal.
This also reflected in the previously mentioned metric as the 12-day EMA went up. For example, the Moving Average Convergence Divergence is on the verge of another bearish action.ĭuring the previous intraday session, the asset saw small increases. It is worth noting that most of them are bearish. The chart is displaying a lot of signals at this time. Let’s examine those factors The Moving Averages This is going to be huge as the asset may retest some key support. Away from the price, there is a strong indication of an impending downtrend. However, it is picking momentum as two days ago, it peaked at $26,400.Īt the time of writing it is losing all of the gains it accumulated during that session. Looking at the chart, it is safe to conclude that the asset did not get the best start to the ninth month of the year.įor the most part of the period under consideration, trading has been mostly flat as the apex coin trended around $26k. Traders and investors must remain vigilant as the market’s direction in the coming weeks could have profound implications for the broader cryptocurrency landscape.Bitcoin prices over the last seven days was filled with very little volatility. This extended bearish trend has been a source of frustration for long-term Bitcoin enthusiasts and investors.Īs Bitcoin navigates these critical price levels and faces the specter of a death cross, the crypto market remains on edge, awaiting the outcome of this high-stakes battle between bulls and bears. This scenario underscores the significance of the ongoing battle at the $25.6k support level.įurthermore, Captain Faibik points out that Bitcoin has been ensnared in a descending trend since reaching its all-time high (ATH) of around $69k in late 2021. This pattern indicates a potential trend reversal, adding another layer of complexity to Bitcoin’s price outlook.Ĭaptain Faibik also cautions that if Bitcoin experiences a weekly candle close below the 200 EMA, it could trigger a capitulation event, potentially driving the price down to the next major support level at approximately $20k. Notably, Bitcoin faced significant rejection in the price range of $31k to $32k during July, forming what technical analysts often refer to as a double-top pattern. #Crypto #Bitcoin #BTC /EpBeoShmgz- Captain Faibik September 11, 2023 – If weekly candle closes below the EMA200, Next Support level to watch would be 20k. $BTC (Weekly) – Bulls are still defending the weekly EMA200 (25.6k) – To establish Bullish momentum, Bitcoin bulls need to close the weekly candle above 28k. Such an achievement would pave the way for a potential move towards the $32k mark. To maintain bullish momentum, He emphasizes that Bitcoin’s bulls must secure this support level and achieve a weekly candle close above $28k.
According to analysts, Bitcoin’s price is valiantly defending a crucial weekly support level at approximately $25.6k, which conveniently aligns with the 200 Exponential Moving Average (EMA). Prominent crypto analyst Captain Faibik, who commands a following of over 65k on the X platform, has weighed in on the situation. This historical precedent adds to the apprehension surrounding Bitcoin’s current price action. It’s worth noting that historical data has pointed to September, particularly in pre-halving years, as a bearish month for Bitcoin and the broader crypto market. This period of relative stability has given the impression of calm before a potential storm, with market watchers bracing for increased volatility. Over the past four weeks, Bitcoin has exhibited a consolidating pattern within the range of $25.3k to $28k. This impending death cross is likely to invoke memories of bearish sentiment throughout the crypto space, causing concern among market participants. The cryptocurrency closed the previous week with an indecisive Doji candlestick, leaving traders and investors on edge.
The post Bitcoin Price Analysis: $20K or $28K? Where BTC Price is Heading This Week? appeared first on Coinpedia Fintech Newsīitcoin (BTC) clings precariously to its critical support level of approximately $25.6k as it faces a looming threat of a daily death cross between the 50 and 200 Moving Averages (MA).
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