📌Bitcoin Analysis📊
SEPTEMBER 14th, 2024
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⚪️TECHNICAL (H4)
The price action, after flipping the horizontal support region and breaking out the neckline of the compression level, successfully played out as we expected. 📉
Currently, the price action is heading towards the Order Block, marked between the $61,531 to $59,789 level. 📊
⚪️WRAP-UP
The price action will fill out that Order Block level, and we can expect some short-term rejection points from there, as there is a horizontal resistance region. 📈🔄
$BTC DAILY RANGE:
📈Upper Limit: $61,191
📉Lower Limit: $55,357
(+-9.73% based on moving average volatility open/endpoints)
Bitcoin is within an approximate horizontal trend channel in the medium long term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency is moving within a rectangle formation between support at 53616 and resistance at 68104. A decisive break through one of these levels indicates the new direction for the currency. The currency has support at points 55000 and resistance at points 71000. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This weakens the currency and indicates increased chance of a break down. The currency is overall assessed as technically neutral for the medium long term.
