Bitcoin (BTC/USD) Market Retraces Toward $20,000 Critical Line
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Bitcoin Price Prediction – September 14
A significant downturn has prevailed in the BTC/USD trade activities as the crypto market retraces toward the $20,000 critical line. As of the time of writing, the crypto’s price bargains between the points of $20,546.96 and $20,059.44 at an average minute positive percentage rate of 0.16.
BTC/USD Market
Key Levels:
Resistance levels: $25,000, $27,500, $30,000
Support levels: $17,500, $15,000, $12,500
BTC/USD – Daily Chart
The BTC/USD daily chart showcases the crypto-economic market retraces toward the $20,000 critical line. The lower horizontal line drew to mark the spot for placement under a watchful eye. The range-bound zones are yet to maintain three different points $25,000, $22,500, and the value point mentioned earlier. The 14-day SMA indicator is at a $20,890.08 value line, underneath the $23,557.74 value line of the 50-day SMA indicator.
Is it technically inclined to start execution of a buy order around the $20,000 critical line now?
The BTC/USD market long-position takers need to stay off the trading activities for a while as the market retraces toward the $20,000 critical line. However, a new set of buyers with a fat account balance may risk playing along to launch a buying order while the crypto business dips a step down further from its current trading line. But, they eschew using a high lot size. For the investors, it could be the best time to come in now and add to their portfolio on a long-term basis.
On the downside of the technical analysis, yesterday’s bearish candlestick engulfed its penultimate three days of bullish candlesticks to potentially set a selling path against the 14-day SMA trend line, underneath the retard-trading level of the 50-day SMA’s point at $23,557.74. The point at the $20,000 level is liable to be breached to let the price rebuild support toward the $17,500 in the long run.
BTC/USD 4-hour Chart
The BTC/USD medium-term chart reveals the crypto market retraces toward the $20,000 critical line after hitting resistance around the mid-range point at $22,500. The 14-day SMA trend line is at $21,059.90 above the $20,768.51 value line. And they are within the range-bound zones. The Stochastic Oscillators are in the oversold region, maintaining the paces around 3.93 and 3.64 range values. Bears are relatively in the realm of losing the force systemically.
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