Bitcoin BTCUSD Daily Market Analysis - Sep 26, 2024 by K9 Investments Trading

Updated: 4 days ago

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Intraday Signals -

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As of today, Bitcoin (BTCUSD) is trading at $63,355, presenting potential trading opportunities for intraday traders. Here are two signals for today based on current market price:

Buy Signal: If BTCUSD breaks above the $63,800 level with strong volume, expect a potential run toward the Fibonacci 1.618 extension at $64,200. Place stop-loss at $63,200.
Sell Signal: If BTCUSD falls below the support at $63,000, a move down toward the key 200 EMA at $62,400 could follow. Place stop-loss at $63,600.

Bitcoin BTCUSD Technical Analysis:

Bitcoin’s current market price of $63,355 sits within a critical consolidation zone. Technical indicators and patterns suggest that a breakout is imminent. Using Fibonacci retracement, EMA, RSI divergence, weekly pivots, and smart money concepts (SMC), we can expect key movements to play out today and in the coming days.

Fibonacci Levels:

From the recent swing low of $61,800 to the swing high at $64,500, the 38.2% Fibonacci retracement lies at $63,000, offering immediate support. The 61.8% level around $62,600 also aligns with previous price action, potentially acting as a strong demand zone for buyers. Intraday traders may look for entries around these Fibonacci levels, while setting targets near the next extension level at $64,200.

Moving Averages (EMAs):

The 100 EMA is currently resting near $63,000, which coincides with significant support, making this a critical level to watch for potential rebounds. Below this, the 200 EMA at $62,400 aligns with a key psychological support area, where we expect price consolidation if the market retraces. The 400 EMA at $61,500 remains a long-term support for traders holding positions over a multi-day horizon.

RSI Divergence:

On the 4-hour chart, we are seeing RSI bearish divergence as price nears the $63,800 level. This divergence signals a potential short-term correction toward the support zones around $63,000 to $62,600. Traders should wait for confirmation of either a break or reversal at these levels before entering new positions.

Weekly Pivots:

The weekly pivot point for Bitcoin sits at $63,200, closely aligned with the 100 EMA, providing a confluence of support. If Bitcoin holds above this level, we may see a push toward the first resistance pivot (R1) at $64,000. Below, the first support pivot (S1) is at $62,700.

Support and Resistance Levels:

Support: $63,000 (Fibonacci 38.2%, 100 EMA, Weekly Pivot), $62,400 (200 EMA)
Resistance: $63,800 (Fibonacci Extension), $64,500 (Previous swing high)

SMC Concepts:

Smart Money Concepts indicate liquidity around the $62,600 level, suggesting potential accumulation by larger market players. Traders can monitor this zone for possible sharp reversals or breakouts.

In summary, Bitcoin’s price is primed for volatility. The confluence of Fibonacci retracement levels, EMA zones, and weekly pivots suggests that $63,000 is the key short-term support level, while $64,200 presents an immediate upside target. Keep an eye on the 200 EMA at $62,400 for longer-term support. With momentum building, this could be a decisive trading day.

Summary of Key Levels for Daily and 4-Hour Time Frame – www.k9investmentstrading.com

Support Levels: $63,000, $62,400, $61,500
Resistance Levels: $63,800, $64,200, $64,500
Fibonacci Levels: $63,000 (38.2%), $62,600 (61.8%)
EMA Levels: 100 EMA ($63,000), 200 EMA ($62,400), 400 EMA ($61,500)
Daily Pivot: $63,200 (Key support)

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