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Bitcoin Price Analysis: Is Now Time to Jump to Higher Levels?

تحلیل قیمت بیت کوین: اکنون زمان جهش به سطوح بالاتر است؟

Yesterday, Bitcoin recorded its sixth consecutive daily bullish candle. The price has not had any significant correction since September 7 (16 Shahrivar) and has grown by nearly 18% during this period; But will this upward trend continue?

To Report Cointelegraph As you can see from the chart below, the daily Bitcoin price candle is on the verge of breaking above a long-term downtrend line that has formed resistance at the $23,000 level.

Bitcoin Price Analysis: Is Now Time to Jump to Higher Levels?
Bitcoin price chart; One-day view of the “Bitcoin/Teter” market.

Perhaps on the eve of the update of the Ethereum market, which is likely to be done on September 15 (24 September), Bitcoin and other digital currencies have also taken an upward trend, and maybe even the long-term bearish market of recent months has finally reached its bottom. As can be seen from the one-week view of the Bitcoin market, the relative strength index (RSI) in this time frame, between June 27 and August 15 (July 6 to August 24), was at its lowest level since 2019.

Bitcoin Price Analysis: Is Now Time to Jump to Higher Levels?
Bitcoin price chart; One-week view of the “Bitcoin/Teter” market.

This index has recently risen from the 31 level in the oversold range to 38.5. Some analysts point to a bullish divergence between RSI and Bitcoin price candles on the weekly view; That is, while the RSI is following an uptrend line, the price of Bitcoin is still in a downtrend on the weekly view.

The MACD has recently formed a bullish intersection with the increase in trading volume and the price is also trying to break out of the range it has been in for the past 90 days ($19,000-25,000). get out

Bitcoin has been forming consecutive bearish flag patterns on its daily chart since the beginning of 2022; A repeated move that eventually pushed the price to its lowest level since late 2020. The price has always faced resistance by approaching the downward trend line on the chart above and has not left its fluctuation range in the past 90 days.

Traders should now wait for a few daily candles to close above this downtrend line and register a new interim high above $25,400. After that, a break through the 200-day simple moving average (MA 200) resistance at $30,000 can be a very good signal for a trend reversal, or at least an extension of the price range to higher levels.

Until this happens, traders should monitor the resistance of the long-term downtrend line on the chart and wait to see if the upward momentum continues or if the long-term trend of the previous months remains intact.

In addition to technical analysis, such indicators (intra-chain) and tools for checking the status of derivative markets (futures, options, etc.) are With their help, useful information can be obtained to predict the next price movements. The purpose of this analytical article was only to interpret the movements of the Bitcoin market in a simple and concise way so that traders can be informed of the things that are likely to become important in the short term.

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