Technical analysis update: BTCUSD (6th September 2021)

Bitcoin failed to move down from a gap zone as we previously expected. Instead it broke to the upside and it currently trades around 52 000 USD. This price action forced us to reasses our views. We think it is possible that price might continue little higher. Although, we are sceptical of this price action. We previously noted that we expected temporary high around 54 000 USD before BTC would go retest its 2021 lows. Because of that we will continue to monitor price action closely. In terms of short term outlook we are neutral to bullish at this point. For us to become bearish on BTCUSD again price would have to retrace back into gap zone. Then we would look for break out to the downside.

Technical analysis
RSI is overvalued. It strives to pierce above 70 points. If RSI manages to cross above 70 then we expect more upside for BTCUSD. However, we also expect it to coincide with temporary peak in price. Stochastic is bullish and MACD is also bullish. ADX suggests that trend is still present. Immediate support and resistance is around 50 500 USD. Next closest support is around 48 000 USD and then around 43 800 USD. Major support is exactly at 28 800 USD which is 2021 low. Closest resistance is around 60 000 USD. Then major resistance is at all time high which is 65 520 USD.

Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

Commento:

Today price dropped as low as 43 705 USD.