Bitcoin BTCUSD Weekly Market Analysis - Sep 21, 2024 by K9 Investments Trading

Updated: Sep 23

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Current Bitcoin Market Price: $63,095

Intraday Signals:

Buy Signal: Enter long if Bitcoin breaks above $63,500 with a target at $64,300. Stop loss at $62,800.
Sell Signal: Enter short if Bitcoin falls below $62,700 with a target at $61,900. Stop loss at $63,500.

Technical Analysis Using Indicators: Fibonacci, EMA, RSI Divergence, Weekly Pivots, SMC Concepts, Support & Resistance

Bitcoin has been fluctuating around the $63,000 mark, indicating a consolidation phase after a volatile price movement in recent weeks. We are witnessing the formation of a significant price structure based on several technical indicators.

Bitcoin Weekly Market Analysis

From the recent swing high of $64,500 and the swing low of $60,500, Bitcoin is currently at the 50% Fibonacci retracement level, which lies close to $62,500. A bounce from this level could lead to a continuation of the uptrend. However, a failure to hold above this zone may push prices towards the 61.8% level at $61,800.

Exponential Moving Averages (EMA):

The 100-EMA on the daily timeframe is currently sitting at $62,850, acting as a key dynamic support level.
The 200-EMA is at $61,200, which could serve as a crucial level for longer-term investors eyeing Bitcoin’s trend.
On the 4-hour timeframe, the 400-EMA around $64,000 is capping any upward movement. As per Bitcoin Weekly Market Analysis Traders should watch this level as a potential resistance zone.

RSI Divergence:

A bullish divergence has formed on the daily RSI, with the price making lower lows while the RSI makes higher lows. This signals that the bearish momentum is weakening, and a breakout above $63,500 could confirm a bullish reversal.

Weekly Pivots:

The weekly pivot is set at $62,900, which aligns closely with the current price action. This is a critical area for Bitcoin’s price behavior. A breach above this pivot level could signal the start of a new bullish phase.
The daily pivot at $63,200 is acting as short-term resistance. Traders looking for an intraday trade should pay close attention to this level for potential breakouts or reversals.

SMC (Smart Money Concepts):

Institutional traders are likely watching the current consolidation. Based on liquidity zones, the $62,700 area has seen significant buying interest in the past. A breakout above $63,500 could trigger a surge, targeting higher liquidity pools around $64,500.

Support & Resistance Levels:

Immediate support is at $62,500, where Bitcoin aligns with the 50% Fibonacci retracement and the 100-EMA.
Strong resistance lies around $64,300, close to the recent swing high and the 400-EMA on the 4-hour chart.

Key Levels Summary:

Daily & 4-Hour Time Frames

Support Levels: $62,500 (50% Fibonacci), $61,800 (61.8% Fibonacci), $61,200 (200-EMA)
Resistance Levels: $63,500 (daily pivot), $64,000 (400-EMA), $64,500 (recent swing high)
Daily Pivot: $63,200
Weekly Pivot: $62,900
EMA Levels: 100-EMA ($62,850), 200-EMA ($61,200), 400-EMA (4H $64,000)

This technical analysis provides a clear roadmap for traders to navigate Bitcoin's price action. With careful consideration of Fibonacci levels, moving averages, RSI divergence, and pivot points, traders can identify profitable entry.

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