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

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

Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

More news for you:

By Jonathan Goldman  /  Nov 15, 2018

Ethereum Price Analysis Nov.15: Will Support Hold?

By Ali Raza  /  Nov 15, 2018

Ripple’s New Partner: CIMB Malaysia Join’s Ripple’s Cross-Border Payments

By Ali Raza  /  Nov 15, 2018

TRON’s First Decentralized Exchange Goes Live

By Yuval Gov  /  Nov 15, 2018

Bitcoin Price Analysis & Yearly Overview Nov.15: Where will this stop?

By Benjamin Vitáris  /  Nov 14, 2018

Crypto Markets Collapse: Is Bitcoin Cash Hash War The Reason?

By Yoni Berger  /  Nov 14, 2018

The Horror Prediction: Bitcoin is Likely To Re-test $3000 Before Turning Bullish Again

By Yuval Gov  /  Nov 14, 2018

Bitcoin Price Analysis Nov.14: Key support has broken. $6K is on the sight

By Yoni Berger  /  Nov 13, 2018

Market Update Oct.13: Bears Are Back, Year-End Rally Nearby?

By Ali Raza  /  Nov 13, 2018

Bitmex shuts down US-based accounts: The speculations behind it and the possible relation to 1Broker

By Yuval Gov  /  Nov 13, 2018

Bitcoin Price Analysis Nov.13: Back in danger, are the bears following NASDAQ?

By Jonathan Goldman  /  Nov 12, 2018

Ethereum Price Analysis Nov.12: Low volatility. A move ahead?

By Benjamin Vitáris  /  Nov 12, 2018

Everything You Need To Know About The Upcoming Bitcoin Cash Hardfork

By Toju Ometoruwa  /  Nov 11, 2018

Why is it Crucial to Solve the Security-Complexity Relation for Fast Track Adoption?

By arnon  /  Nov 11, 2018

Can Blockchain Transform Loyalty in the Food Service Industry?

By Yuval Gov  /  Nov 11, 2018

Bitcoin Price Analysis Nov.11: Support holds, still dangerous

By Benjamin Vitáris  /  Nov 10, 2018

Bitcoin Early Adopter Gave Away BTC Worth $100M: The Endless Dilemma

By Ali Raza  /  Nov 10, 2018

TRON’s New Record: Breaks Up Ethereum For Highest Number of Daily Transactions

By Benjamin Vitáris  /  Nov 9, 2018

Lessons Learned from the Biggest Crypto Hacks in History

By Ali Raza  /  Nov 9, 2018

An Airplane on sell for BNB: Will the Binance token become a mainstream crypto way of payment?

By Jonathan Goldman  /  Nov 8, 2018

Ethereum Price Analysis Nov.8: Sideways action. Soon to break down?