Bitcoin (BTC) fell considerably on Sept 20, breaking down from the $44,000 support area in the process.
It rebounded after hitting the $40,000 support and created a long lower wick. However, the main support area still lies close to $38,000.
BTC decreased sharply on Sept 20, creating a large bearish candlestick and falling below the $44,000 area, which previously had acted as support. Now, the area is expected to act as resistance.
Currently, BTC has found support above the 0.5 Fib retracement support level at $40,800 and created a long lower wick.
Despite the bounce, technical indicators are firmly bearish. The MACD and RSI are both falling, and the latter has already moved below the 50-line. In addition to this, the Supertrend is bearish (red line).
If another drop were to occur, the next major support level would be found at $38,000. This target is the 0.618 Fib retracement support level.
Source:beincrypto.com
Coin | Change(%) | Price | Volume (24h) |
---|---|---|---|
Bitcoin (BTC) | 3.71 | $72,084.86 | $45.5B |
Ethereum (ETH) | 3.43 | $4,038.91 | $20.8B |
XRP (XRP) | 18.52 | $0.727106 | $4.4B |
Solana (SOL) | 1.58 | $147.242060 | $3.8B |
Binance Coin (BNB) | -2.22 | $519.52 | $3.0B |
USD Coin (USDC) | 0.03 | $0.999697 | $2.4B |
Dogecoin (DOGE) | 0.96 | $0.174374 | $2.1B |
Shiba Inu (SHIB) | -2.92 | $0.000033 | $1.7B |
Floki Inu (FLOKI) | -7.67 | $0.000267 | $1.3B |
Avalanche (AVAX) | 13.16 | $47.596296 | $1.2B |