BTCUSD - September 16, 2024

Bitcoin Technical Analysis (1-hour chart)

The presented chart includes several technical tools that help analyze the current state of Bitcoin.

Technical tools used:

Fibonacci Retracement:

This tool is used to identify potential support and resistance levels.
The 0.382 Fibonacci level at $57,541 serves as an important support level.
The 0.5 Fibonacci level at $56,597 and the 0.618 level at $55,652 represent other key support levels.

MACD Indicator:

The MACD histogram indicates a weakening buying power and the possibility of further price declines.
If the histogram turns negative and the MACD lines diverge, it signals a bearish trend.

RSI Indicator (Relative Strength Index):

The RSI is currently in the middle range, indicating that neither overbought nor oversold conditions are present.
As long as the RSI remains below 50, there is a higher likelihood of price declines, and if it moves above 50, the probability of price increases rises.

Overall Analysis:

The break of the ascending trendline indicates selling pressure and the potential for a bearish trend reversal.
Fibonacci levels suggest that Bitcoin is approaching the 0.382 level, and if this level breaks, the price might drop to $56,597 and then to $55,652.

Trade suggestions:

Sell Scenario:

• Entry Point: If the price breaks below $57,541 and stabilizes under this level.
• Take Profit (TP): $56,597 (first target) and $55,652 (second target).
• Stop Loss (SL): If the price rises back above $58,000.

Buy Scenario:

• Entry Point: If the price successfully recovers above $58,000.
• Take Profit (TP): $59,000 (first target) and $60,000 (second target).
• Stop Loss (SL): If the price falls below $57,500.

Conclusion:

Considering the break of the ascending trendline and the proximity of the price to Fibonacci support levels, traders should closely monitor the price action at $57,541. If this level breaks, the bearish trend may continue, while a price recovery could signal the resumption of the bullish trend.