*Bitcoin Analysis Update*
SEPTEMBER 13th, 2024
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📌*TECHNICAL (H4)*
The price action of $BTC on the H4 timeframe has successfully flipped its horizontal resistance level into support, breaking out the neckline marked between the $57,170 to $56,040 level. 📊
The price is currently consolidating at this zone and may show further upward movement after a potential retest 🔄
📌*WRAP-UP*
The price action on the H4 timeframe shows an FVG gap between $61,531 and $59,789. 📉
In the short term, we can expect a potential rejection, but eventually, the price action is likely to complete the FVG gap level. 🔄
$BTC DAILY RANGE:
📈Upper Limit: $61,191
📉Lower Limit: $55,357
(+-9.73% based on moving average volatility open/endpoints)
📌*Short term*
Bitcoin has broken the falling trend channel in the short term and reacted strongly up. For the time being, it is difficult to say anything about the future trend direction. The currency is testing support at points 57800. This could give a positive reaction, but a downward breakthrough of points 57800 means a negative signal. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. This weakens the trend break. The currency is overall assessed as technically neutral for the short term
