Bitcoin Price Analysis: Bearish Momentum Below 25833 – 11 September 2023
The price of Bitcoin (BTC/USD) is currently facing bearish momentum below the 25833.69 level, which is the 23.6% retracement of its recent range. The upside movement has been limited, with resistance at the 25953.46 level, representing a 38.2% retracement. Bears are anticipating a test of the 25128.94 level, which is a downside price target linked to downward pressure around the 30421.29 level.
If the price breaks below the 25462.40 level, it will increase bearish pressure as this corresponds to significant recent selling pressure at 28184.89. Stops are positioned below the 24197.68 level, with additional price objectives at 24511, 24339, 23164, 22949, 21496, and 20702. On the technical side, the 50-bar MA (4-hourly) is indicating bearishness below the 100-bar MA and the 200-bar MA. However, the 50-bar MA (hourly) is indicating bullishness above the 100-bar MA and the 200-bar MA.
The nearest MA levels are at 25862.97 (50-bar MA 4-hourly) and 25851.21 (100-bar MA hourly). Technical support is expected around 24440.41, 23270.10, and 22769.39, while resistance is expected at 31986.16, 32989.19, and 34658.69. On the 4-hourly chart, SlowK is below SlowD, and MACD is below MACDAverage. On the 60-minute chart, SlowK is below SlowD, and MACD is below MACDAverage.
Hot Take
The price of Bitcoin is currently experiencing bearish momentum, with resistance levels capping its upside movement. Bears are expecting further downward pressure, with downside price targets and selling pressure levels to watch. Traders should pay attention to the MA indicators, which are showing mixed signals in terms of bearish and bullish indications. The nearest MA levels can serve as important support and resistance levels. Overall, the market sentiment seems to favor the bears, but it’s important to monitor price movements and key levels closely to make informed trading decisions.
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