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Bitcoin Analysis on 14/09/2023

Bitcoin Analysis on 14/09/2023

September 15, 2023

Bitcoin Analysis on 14/09/2023-An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

• First key support level of EUR/USD: 1.0639
• Second Key support level of EUR/USD: 1.05530
• Third Key support level of EUR/USD: 1.053
• First key resistance level of EUR/USD: 1.068609
• Second Key resistance level of EUR/USD: 1.0709
• Third Key resistance level of EUR/USD: 1.07640

• First key support level of USD/CHF: 0.89519
• Second Key support level of USD/CHF: 0.89338
• Third Key support level of USD/CHF: 0.89
• First key resistance level of USD/CHF: 0.89717
• Second Key resistance level of USD/CHF: 0.90168
• Third Key resistance level of USD/CHF: 0.90875

• First key support level of GBP/USD: 1.24
• Second Key support level of GBP/USD: 1.2368
• Third Key support level of GBP/USD: 1.23063
• First key resistance level of GBP/USD: 1.244712
• Second Key resistance level of GBP/USD: 1.25
• Third Key resistance level of GBP/USD: 1.25478

• First key support level of USD/JPY: 147.0106
• Second Key support level of USD/JPY: 146
• Third Key support level of USD/JPY: 144.57
• First key resistance level of USD/JPY: 147.55
• Second Key resistance level of USD/JPY: 147.815
• Third Key resistance level of USD/JPY: 148.560

 

Bitcoin Analysis on 14/09/2023.

The previous analysis of Bitcoin dated 23.08.2023 mentioned that the price had the potential to rise and progress. Finally, both mentioned targets were achieved at $26,800 and $27,000. In the weekly period, the price stopped falling further during its decline from the price ceiling of $31,807. It reached the important support level of $25,000(the level of transformation from resistance to support).

During the last three weeks, the Spinning top candlestick pattern has formed, issuing a warning for a price floor formation and a change in trend direction from downward to upward.

According to the type of price movements formed in long-term periods such as monthly and weekly, the first warning for price reduction and the start of a downward trend starts with breaking the support level of $25,000.

In shorter periods such as daily, with the formation of a bat-type harmonic pattern between the price ceiling of 31807 and the price floor of $24900, the price has started to rise from the point D of this technical pattern, and the potential for further growth is also seen.

If there are no negative fundamental factors on this symbol and due to the relative (weak) position of the price in the oversold state in the weekly period, the price has the potential to rise more. And this will reach the critical resistance level of 27550 and then up to 28150 dollars.

 

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