Since our previous price analysis, not much has changed. The overall picture is that Bitcoin is still inside the range between $6400 – $6600 . Here are the keys:

Over the recent hours Bitcoin re-tested (again, after 48 hours) the critic support level at $6400 with a low at $6381 – the 50 days moving average line, marked in purple.

RSI indicator is on its low levels, which points that the market is oversold.

Trading volume is still pretty low. The reason can also be the weekend.

Bitcoin is still inside the range of the two significant moving average lines: From the top there is the pink-line 200 days moving average, and from the bottom purple-line 50 days moving average. Breaking out of this range and Bitcoin is likely to produce a major move in that direction.

As mentioned, resistance levels lie at $6600, $6800 (weak) and $7000 (strong).

Support levels lie at $6400, $6300, $6100 before the critic level at $6000.

Trading volume is in favor of the sellers, which supports the option of a correction and going back down to re-test support levels at $6400, $6200 and $6100.

BTC shorts amount on BitFinex has been increased over the past 24 hours.

Like we stated before – The bullish movement is considered a correction to the bearish sentiment, unless breaking up the $7400 high that was reached a week ago.

Bitcoin Prices: BTC/USD BitFinex 4 Hours chart

Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

The post Bitcoin Price Analysis Sep.16: A re-test of the critic support level appeared first on CryptoPotato.

from CryptoPotato https://ift.tt/2xll6j2via IFTTT