BTC Trend in September
Short-term bearish trend:
Bitcoin price is currently in a downtrend and is retesting the previous support zone. This is a sign that the short-term downtrend is likely to continue, at least to the lower support zone around $48,000 - $45,000.
Support and resistance:
The chart has drawn strong support zones around $42,000 - $43,000. If the price breaks this support zone, the downtrend could extend to lower levels around $38,000.
Bearish pattern:
The long-term downtrend line is still in place, and the current price is fluctuating within this downtrend channel. This shows that the main trend of Bitcoin is still down, and a clear breakout from the downtrend channel is needed to confirm a reversal.
RSI Indicator:
The RSI indicator is currently at 36.19, indicating oversold territory, which could lead to a technical recovery in the short term. However, if selling pressure continues, the price may continue to decline before finding stable support.
Recovery Scenario:
The chart also paints a scenario where the price could recover from the support level and potentially retake the resistance level around $60,500 in the long term. However, this depends on whether Bitcoin can hold the current key support level and receive strong buying interest from the market.
Summary:
From a technical analysis perspective, Bitcoin is in a short-term downtrend with key support levels coming up. However, there is still a possibility of a recovery if the market finds strong buying interest at these support levels.
