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    Home » Crypto News » Bitcoin Price Analysis Sep.13: A short bear’s recess?

    Bitcoin Price Analysis Sep.13: A short bear’s recess?

    Author: Yuval Gov

    Last Updated Sep 13, 2018 @ 07:11

    Following our previous price analysis, Bitcoin had breached out the descending trend line at $6270 for a nice green 4 hour candle up to re-test $6400 resistance level and moving average 50 days (purple line on the chart) at $6443 (BitFinex).

    As of the recent hours, the current resistance level seems to halt BTC from continuing up to re-test the major $6600 level, where lies the important moving average 200 days (pink line).

    The way up hasn’t been followed by decent amount of trading volume, what supports the option of a correction before re-testing $6000 zone. Also, RSI is at it’s high levels, though the market is overbought and might need a correction down in order to continue.

    As mentioned before – cautious is needed! This kind of market is hard to trade with no real direction.

    To Sum up

    Resistance area at $6400 (moving average 50 days),  and as mentioned $6600 strong resistance (moving average 200 days).

    Support areas: $6300, $6100, $6000, $5700 – $5800 (yearly low – major support).

    Bitcoin Prices: BTC/USD BitFinex 4 Hours chart

    BTC Sep13

    Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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    About The Author

    Yuval Gov
    More posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

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