Weekly Crypto Analysis – Bitcoin at $26K Bullish Rebound or Bear Market
23 Sep 2023
Bitcoin’s trajectory is under scrutiny as it faces a potential downturn. Recent price movements indicate retracement from January 2022 levels, hinting at a looming significant fall. To confirm a bearish trend, BTC must breach the crucial $25,229 support level, possibly testing $20,431 if bearish pressure persists. On the flip side, if Bitcoin successfully establishes the $30,000 level as support, a bullish scenario may emerge. However, current low volatility is delaying a price decline, with BTC at $26,628 after a 3.13% dip in 48 hours. Amidst this uncertainty, the crypto market remains in a state of flux, with Ethereum and XRP displaying contrasting sentiments.
BTC fall is likely after the 20-week EMA eliminates the bulls.
The price of bitcoin is still retracing its steps from January 2022, which suggests a significant fall in the long run. The $25,229 support level must be broken in order to confirm and begin a bearish trend for BTC. The $20,431 support level may once again be tested by the pioneer cryptocurrency if bulls are unable to ease the bearish strain.
If BTC converts the $30,000 psychological barrier into support, a bullish scenario will emerge.
As volatility decreases, the price of bitcoin postpones a decline. The price of Bitcoin (BTC) is currently $26,628 after falling by 3.13% over the previous 48 hours following rejection on September 18 at the 20-week Exponential Moving Average (EMA) of $27,290. Another factor preventing the negative fractal from developing is the lack of volatility.
- MA 5: 26624.42 | Negative Crossover | Bearish
- MA 20: 26486.90 | Positive Crossover | Bullish
- MA 50: 26996.18 | Negative Crossover | Bearish
- MA 5: 26775.59 | Negative Crossover | Bearish
- MA 20: 26236.13 | Positive Crossover | Bullish
- MA 50: 27005.48 | Negative Crossover | Bearish
RSI (Relative Strength Index): 49.69 | Buy Zone | Bullish
Stochastic Oscillator: 66.51| Buy Zone | Negative
Resistance And Support Levels:
- R1: 27994.07 | R2: 27579.99
- S1: 26365.29 | S2: 24865.10
Overall Sentiment: Bearish | Market Direction: Sell
Trade Suggestion: Stop Sell: 25765.12 | Take Profit: 24861.58 | Stop Loss: 26400.05.
Elsewhere In the Crypto Market.
For almost three weeks, the Solana price has been unable to surpass the $20.25 barrier level. Ethereum seems weak. After attempting to surpass its 50- and 200-week moving averages for five weeks.
The XRP price outlook is positive as the asset tests the $0.5174 supply zone.
Bitcoin is lower (0.01%) at 26576.40, Ethereum is up (0.01%) at 1,593.12, Litecoin is up (0.71%) at 64.83, Solana is down (0.86%) at 19.51, Dogecoin up (0.03%) at 0.62.
Key Economic Events & Data Release for Upcoming Week:
(USD) CB Confidence Confidence (Sep) (Tuesday).
(USD) GDP (QoQ) (Q2) (Thursday).
(USD) Initial Jobless Claims (Thursday).