Bitcoin (BTC) Technical Analysis (September 12, 2024):
#CPI_BTC_Watch Bitcoin's performance today shows mixed signals. On shorter timeframes (5 to 15 minutes), BTC is experiencing positive momentum, with upward movements in price action. The 20-day and 30-day simple moving averages (SMA) are holding around $57,700â58,200, supporting a cautious upward trend. However, BTC has struggled to maintain stability above these averages, signaling a potential consolidation period.The relative strength index (RSI) is hovering around neutral levels, indicating neither overbought nor oversold conditions, meaning traders are waiting for a more decisive movement. Bitcoinâs momentum has shown minor gains, but itâs uncertain whether these will sustain a prolonged bullish trendă8â sourceăă10â sourceă
#BNBChainMemecoins (BNB) Technical Analysis:Binance Coin (BNB) continues to show strong upward momentum. On the 1-day chart, BNB has formed a bullish market structure, with higher highs and lows intact, suggesting the potential for more upside. However, BNB is consolidating just below its supply zone, which means it may need to break through this zone to trigger a stronger rally. If BNB closes above $511, further gains could target the $875 mark.BNBâs performance relative to Bitcoin (BNB/BTC pair) shows bullish tendencies, with support levels holding well. However, it needs to break through key resistance areas to continue outperforming Bitcoină9â sourceă.Overall, both Bitcoin and Binance Coin are experiencing consolidation, with traders waiting for more decisive breakouts or breakdowns. Bitcoin shows short-term bullish indicators but is facing resistance, while BNB holds a more bullish outlook with potential for further gains if it surpasses key resistance zones.
