Bitcoin Price Analysis - September 13, 2022
Last week was notably bullish for BTC, with a candle closing strongly with no upper wick and a long lower wick. The close at $21,800 surpassed the starting price from two weeks ago, forming a beautiful reversal candle cluster that suggests a continued upward trend.
Bitcoin Price Analysis - September 13, 2022
Note: This article reflects the author's personal analysis and opinions. It is for informational purposes only and should not be considered investment advice.
Weekly Timeframe (1W)
The uptrend remains intact, with the RSI continuing to rise and approaching the trendline as previously anticipated. The formed reversal candle cluster supports the expectation that the bullish trend will persist, potentially reaching higher price levels such as $25,000, $25,700, and $26,600.
Daily Timeframe (D)
Despite recent strong gains, price growth has slowed, and BTC is currently struggling around the $22,200 – $22,700 range.
There are two key factors at this level:
- This area serves as both resistance and the previous downward trendline. This marks the third touch on this trendline.
- RSI is currently below the 62 level, a threshold previously established from three prior peaks.
Given these factors, I anticipate a minor pullback at the current price level before a breakout above the trendline and a potential rise to around $26,000 in the coming days.
Possible adjustment zones include three price levels where you might consider buying: $21,200, $20,800, and $18,800. My personal preference is $20,800 for accumulation before a potential rise to $26,000.
4-Hour Timeframe (4H)
In this timeframe, BTC is still trending upwards but at a slower pace, and it may continue to consolidate between $22,200 and $22,700 before a potential decline.
After a strong rebound from the triple bottom divergence with RSI, the 4H chart supports a short-term decline as BTC continuously diverges with RSI in the 78 region.
That’s my perspective on BTC’s upcoming movements. What are your thoughts? Share with us at https://t.me/Group_68Trading!
